‘For sale’ sign placed on University Mall

The owners of [tag]Tampa[/tag]’s [tag]University Mall[/tag] have put the 1.2-million-square-foot regional mall up for sale along with four other malls outside the state it no longer considers worthy of being a core asset. [tag]Glimcher Realty Trust[/tag], a Columbus, Ohio, real estate investment trust that owns 26 malls and seven shopping centers, has been weeding older, marginally performing malls from its portfolio for some time. Professional Real Estate Development

University, now more than 30 years old and in the congested shadow of the [tag]University of South Florida[/tag] next door, has been challenged by Westfield malls in Citrus Park and Brandon, plus new competition in [tag]New Tampa[/tag] and [tag]Wesley Chapel[/tag]. University already lost its JCPenney to Wiregrass Shops in Wesley Chapel and stands to lose its [tag]Dillard’s[/tag], which has announced plans to open in Wiregrass when the rest of that mall opens in late 2007. Regardless, University Mall has been aggressively repositioning itself with more moderately priced and discount-priced stores that appeal to young people. With Macy’s, Dillard’s and Sears as anchors, it still qualifies as a traditional regional mall.

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