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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


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


CONTACT: Glimcher Realty Trust, Columbus

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

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Publication:Business Wire
Date:Mar 8, 1996
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