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Glimcher Shedding Five Regional Malls

COLUMBUS, OH-The retail REIT is disposing of five malls located in Texas, Alabama, Florida and North Carolina. Company execs expect to generate $250 million to $270 million from the sales.

By Dana Dubriwny | Updated on May 18, 2006

COLUMBUS, OH-As part of its plan to dispose of non-core assets, Glimcher Realty Trust is selling five of its regional mall properties. Company execs expect to generate $250 million to $270 million from the sales, resulting in a $10 million to $30 million net gain.

The properties included in the sale are: the 794,104-sf Almeda Mall in Houston; Northwest Mall in Houston, 794,104 sf; the one-million-sf Eastland Mall in Charlotte, NC; Montgomery Mall in Montgomery, AL, 726,883 sf; and the 1.3-million-sf University Mall in Tampa, FL.

President and CEO Michael Glimcher says the company expects to redeploy the sales into redevelopments and “acquisition of new higher income growth assets and selective ground-up development of premium retail properties.”

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