The 472,025-square-foot Northside Shopping Center, located at 7900 NW 27th Ave. in Miami, is the largest of the remaining properties in the fund. Tampa Festival Centre, a 130,146-square-foot property located at 2525 East Hillsborough Ave. in Tampa, will also be sold. Five smaller properties located in Naples, Fort Myers, Port Charlotte, Sarasota and West Palm Beach, will also go on the market.

Outside Florida, the fund will look to liquidate the 253,633-square-foot College Park Commons at 7800 Outer Dr. in Detroit, the 76,928-square-foot Nucleus Plaza at 900 W. Owens Ave. in Las Vegas, and a 76,123-square-foot property at 24, 54 and 60 S. Third Ave. in Mount Vernon, NY.

"The demand for shopping centers of their quality has dropped precipitously in the last few months as the economy has softened," says Gilbert. "We certainly are at a point in time where it is more difficult to be selling property. Pricing has changed on assets anywhere from 10% to 25% over the last 12 months. If the properties are being sold with debt to be assumed, they might be easier transactions," he adds.

Richard Matricaria, vice president of investments with Marcus & Millichap in Fort Lauderdale, says the demand for this type of property has not changed. Instead, the lenders' appetite for risk has shifted so that buyers are chasing returns at a higher level, he says. He disagrees with Gilbert and believes now may be a good time to sell and access equity in a property to make good purchases in the next year.

"We have a lot of clients that are interested in selling because they think the economy is going to get worse," Matricaria says. "Next year, especially after what everyone is predicting to be dismal retail sales for holidays, I think you're going to see some retailers go out of business in the first quarter."