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Glimcher Realty Trust announces new community shopping center development in Kent, Ohio.

COLUMBUS, Ohio--(BUSINESS WIRE)--March 8, 1996--Glimcher Realty Trust (NYSE:GRT) today announced it will develop Meadowview Square Shopping Center located on State Route 59 in Kent.

Site work for Phase 1 of this project has already begun and building construction is expected to begin in April. Completion is anticipated during the fourth quarter of 1996.

O Key Project Information:

o Project Name: Meadowview Square

o Type of Development: Power Shopping Center

o Location: State Route 59 (Kent-Ravenna Road) in the townships

of Kent and Ravenna, Ohio, on approximately 101

acres. O Phase 1

o Major Anchor Tenant

- Wal-Mart - 126,000 square feet

o Specialty Retail

- Approximately 25,000 square feet

- GRT has received interest from both national and regional

merchants

o Phase 1 Development

- Estimated investment will be approximately $11 million

- Developed on approximately 26 acres

- Site construction is currently in progress

- Building construction is expected to begin in April

- Completion is anticipated during fourth quarter of 1996

o Economic Impact of Phase 1

- 200 to 250 construction jobs

- Approximately 500 permanent full- and part-time jobs will

be created upon completion of this phase. During the first

full year of operation, these positions will generate about

$10,500,000 in salaries.

O Glimcher Realty Trust Profile

o Fully integrated, self-managed and self-administered real

estate investment trust

o Founded in 1959 by Herb Glimcher as The Glimcher Company

o Portfolio includes 92 properties including current

acquisitions, properties open and operating and those

properties under construction; Georgesville Square (Columbus,

Ohio), The Great Mall of the Great Plains (Olathe, Kan.) and

Meadowview Square (Kent, Ohio)

o Total square footage in portfolio exceeds 15.2 million square

feet including approximately 13.2 million square feet which is

open and operating and 2.0 million square feet which is under

construction

CONTACT: Glimcher Realty Trust, Columbus

Herbert Glimcher, David J. Glimcher or Timothy C. Getz,

614/621-9000
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Publication:Business Wire
Date:Mar 8, 1996
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