HOUSTON-Glimcher Realty Trust has closed on the sale of the 794,104-sf Northwest Mall to an affiliate of Levcor Inc. The $19-million sale is Glimcher's second one in a month in the city in its disposition of five non-strategic malls, which got under way in 2006.

The nine-year-old Northwest Mall at 555 Northwest Mall is anchored by Macy's. The national retail mix includes Bath & Body Works, Champs Sports, CiCi's Pizza, Zales Jewelers and Waldenbooks.

According to Glimcher's press release, proceeds will be used to pay down short-term loans for its line of credit. The locally based Levcor has been leasing the asset for Glimcher. According to an SEC filing, the buyer paid $19 million for Northwest Mall.

In late July, the Columbus, OH-headquartered Glimcher Realty sold the 39-year-old, 300,000-sf Almeda Mall at 555 Almeda Mall in southeast Houston for $40 million to an affiliate of WCF Development LLC of Houston and Newport Beach, CA-based Buchanan Street Partners, which plans to put another $80 million into renovations. Glimcher had acquired both malls in 2002.

The disposition ticket's only unsold mall is the one-million-sf Eastland Mall in Charlotte, NC. In addition to the Houston assets, Glimcher also sold the 1.3-million-sf University Mall in Tampa for $144 million and 726,883-sf Montgomery Mall in Montgomery, AL for $4.5 million.

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