Glimcher Sets Sights On AZ, Dispositions

NAPLES, FL-Glimcher Realty Trust is still trying to sort out the details of five assets it intends to sell . At the same time, the Columbus, OH-based firm is in the midst of development plans in the hot Phoenix Metro area, said Michael Glimcher, the company’s president and chief executive officer, here at the Citigroup Global Property CEO Conference.

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.