TAMPA, FL-Under a previously announced plan to shed five of its non-core assets, Columbus, OH-based REIT Glimcher Realty Trust has sold the 1.3-million-sf University Mall for $144.7 million. The mall was sold to a partnership between affiliates of Santa Barbara, CA-based Somera Capital Management LLC and Rockwood Capital LLC.

The mall was sold for the expected amount under a contract secured about a month ago, Glimcher Realty Trust vice president finance and accounting Lisa Indest tells GlobeSt.com.

The mall is located near the University of South Florida on Fowler Avenue. It is also in close proximity to Busch Gardens and the Museum of Science and Industry. It is anchored by Sears, Macy’s, Dillard’s, Burlington Coat Factory and Steve & Barry’s University Sportswear. Other tenants include Foot Locker, Waldenbooks, the Disney Store, Lane Bryant, among others.

The proceeds were used to pay down short-term borrowings under the company’s line of credit. Glimcher will serve as manager to provide property management and other administrative services at the mall for a period of up to one year after the sale.

University Mall was the second of the five to be sold. The first sold was the 726,883-sf Montgomery Mall in Montgomery, AL. The other properties Glimcher is selling are the 794,104-sf Almeda Mall in Houston, the 794,104-sf Northwest Mall in Houston and the one-million-sf Eastland Mall in Charlotte, NC. REIT execs expect to generate $250 million to $270 million from the sales, resulting in a $10 million to $30 million net gain. Indest says there has been interest in the three remaining malls to be sold, but no sales agreements have been reached.

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