Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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.”

On the retail-tenant front, Glimcher says that bankruptcies and store closures have had minimal impact so far this year, though he sees a future shakeup happening in teen apparel. “The junior category has to fail,” he says. “There’s been so much expansion that someone has to go.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.