Glimcher Realty Trust announced in April its intent to put some of its malls up for sale. There are 13 malls on the list, including New Towne Mall of New Philadelphia.
Director of Corporate Communications Karen Bailey said in an email that Glimcher was putting the malls on the market to better understand pricing for our centers in the current market. Our goal through this process is to sell only three or four of the 13 properties listed and raise approximately $200-$300 million.
Glimcher has made an effort to improve their sales-per-square-foot tally at their properties, according to the Columbus Dispatch. They recently reported $471, which is up from $371 in 2010. The 13 malls on the list fell below the target, according to the Dispatch.
Most of the malls put up for sale include Sears and J.C. Penney outlets, which have both struggled financially.
Despite the exposure to both stores, some of the malls on the list are doing well and are attractive to the market, according to Bailey.
We have a long, successful history with New Towne Mall and would be happy to continue to own the center, Bailey said in an email.
The New Towne Mall had not been sold as of June 20.
The capital will be used to reinvest into the business through redevelopment and further enhancements to our balance sheet, Bailey said.
Other malls up for sale in Ohio include Indian Mound Mall, Heath; River Valley Mall, Lancaster; Eastland Mall, Columbus; Dayton Mall; and the Mall at Fairfield Commons in Beavercreek.
