supposedto close in December,

The $320-million purchase includes the assumption of about $215million in mortgage loans currently in place on the properties. Thetransaction generated net proceeds of about $60 million to Glimcherafter considering debt assumption fees and ordinary closing costs.These proceeds were applied against outstanding borrowing underGlimcher's credit facility, and, accordingly, the currentoutstanding balance on the credit facility has been reduced toabout $232 million.

"The sale allows us to pay down our line, while continuing ourstrategy of repositioning our balance sheet," says Mark Yale, theGlimcher CFO. "We also get to continue to manage the assets, whileforming an affiliation with the respected Blackstone." He tellsGlobeSt.com that not only does Glimcher not plan on selling anymore properties, the new joint venture will likely look to buyother assets in the future.