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This story has been updated after inaccurate reports earlier in the week. To read the complete story click here.

COLUMBUS, OH-According to reports published earlier this week, Glimcher Realty Trust is working on two different mall sales that could add $195 million to the locally-based company’s books. The company is said to be selling the properties to Blackstone Group.

Glimcher plans to sell a 60% stake in the Lloyd Center in Portland, OR and the WestShore Plaza Mall in Tampa, FL. The properties are reported to be valued at $320 million, in both cash and assumed debt.

According to a Wall Street Journal report, Blackstone will pay $39 million in cash and $75 million in assumed debt for Lloyd Center and $27 million in cash and $54 million in assumed debt for WestShore Plaza.

The sales are part of the real estate investment trust’s attempt to strengthen its books. The dispositions, of these two properties and one in Columbus, were first made public in July during the company’s investor Q2 earnings call. The REIT saw a $1.3 million net loss during the second quarter.

Glimcher will continue to operate the properties after the sale. It remains to be seen what the company will do with the Columbus property.

WestShore Plaza, which opened in 1967, was purchased by Glimcher for $153 million in 2003. The regional mall totals 1.1 million square feet with major tenants including Sears, Macy’s, JCPenney and Saks Fifth Avenue as its anchors, along with an AMC multiplex theater.

Lloyd Center is an enclosed regional mall in the Portland, OR CBD with an ice rink. The mall totals 1.42 million square feet and is anchored by Macy’s, Nordstrom and Sears, as well as Barnes & Noble, Marshall’s, Ross Dress for Less and Lloyd Mall Cinemas. Glimcher acquired the property in September 1998 for $168 million, including $47.73 million for the land and $115.22 million for the improvements.

In October Glimcher put these two properties as well as the Polaris Towne Center located here on the market after the Oregon property failed to sell to Merlone Geier Partners for $192 million.

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