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Glimcher, the owner of 30 retail properties, put five malls on the market last year, three of which are under contract, but the sales have not gone as quickly as executives had anticipated. The company's top exec says that the sale is an effort to heighten the quality of Glimcher's portfolio. "Upgrading quality is the core of our story," Glimcher says.

In the Phoenix area, work could start this year on the 650,000-sf, mixed-use Scottsdale Crossing. The project, on which the company is a 50% joint-venture partner with the Wolff Co. and Vanguard City Home, is situated in the north part of that city and will be anchored by a boutique theater. Additionally, Glimcher has 100 acres under contract to buy in Surprise, another Phoenix suburb, where it intends to build a center.

Glimcher and its acquisition partner, the Ontario Municipal Employees Retirement System, has about $100 million set aside for acquisitions this year, but no major buys are expected. "There's not much product on the market," Glimcher says, noting that the two entities could eventually spend up to $1 billion on purchases if assets become available. "A lot of it is a function of what's available in the marketplace."