Document:

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                                                                    EXHIBIT 10.4

                                      NOTE

U.S. $36,000,000.00
                                                                  Columbus, Ohio
                                                               December 22, 2003

         FOR VALUE RECEIVED, EM COLUMBUS, LLC, a Delaware limited liability
company having an office at 150 East Gay Street, Columbus, Ohio 43215
("Borrower"), promises (jointly and severally if more than one) to pay to the
order of THE HUNTINGTON NATIONAL BANK, a national banking association, having an
office at 41 South High Street, Columbus, Ohio 43215 ("Huntington," which term
shall include any subsequent holder hereof), at Huntington's office aforesaid,
or at such other place as Huntington may designate, the principal sum of
Thirty-six Million And 00/100 Dollars ($36,000,000.00), or so much thereof as
may be advanced by Huntington to Borrower from time to time, together with
interest on the unrepaid advances of said principal sum from date of
disbursement by Huntington and with all other charges herein provided, payable
in cash, at the rates and in the manner hereinafter set forth.

                                 1. DEFINITIONS

         The following terms wherever used in this Note shall have the following
meanings:

         1.1      "Daily LIBO Rate" shall mean, with respect to any Daily LIBO
Rate Advance, the per annum rate that is determined daily and is equal to the
quotient of:

                  (a)      the actual or estimated arithmetic mean of the per
annum rates of interest at which deposits in U.S. dollars for a period of one
(1) month and in an aggregate amount comparable to the amount of such Daily LIBO
Rate Advance are being offered to U.S. banks by one or more prime banks in the
London interbank market on the LIBO business day on which the determination is
made, or, if determination is made on a day other than a LIBO business day, on
the most recently elapsed LIBO business day as determined by Huntington in its
discretion based upon reference to information appearing on page LIBOR01,
captioned "British Bankers Assoc. Interest Settlement Rates," of the Reuters
America Network, a service of Reuters America Inc. (or such other page that may
replace that page on that service for the purpose of displaying London interbank
offered rates) or any comparable index selected by Huntington, the obtaining of
rate quotations, or any other reasonable procedure, calculated to five places to
the right of the decimal point, all as determined by Huntington; divided by

                  (b)      a percentage equal to 100% minus the rate (expressed
as a percentage), if any, at which reserve requirements are imposed on
Huntington, as of the most recent LIBO business day, with respect to any
"Eurocurrency liabilities" under Regulation D of the Board of Governors of the
Federal Reserve System or any other regulations of any governmental authority
having jurisdiction with respect thereto (including, without limitation, any
marginal, emergency,

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supplemental, special or other reserves) for a 1 month term. This provision is
for the benefit of Huntington and is not intended to increase the expected yield
to Huntington above the rates of interest provided for in this Agreement.

         1.2      "Daily LIBO Rate Advance" shall mean any amount advanced as
part of the loan, which shall bear interest at a rate calculated with reference
to the Daily LIBO Rate. "LIBO business day" shall mean, with respect to any
Daily LIBO Rate Advance, a day which is both a day on which Huntington is open
for business and a day on which dealings in U.S. dollar deposits are carried out
in the London interbank market. Subject to any maximum or minimum interest rate
limitation specified herein or by applicable law, the rate of interest on every
Daily LIBO Rate Advance obtained hereunder shall change automatically without
notice to the undersigned immediately with each change in the Daily LIBO Rate.

         1.3      "Debt Service Coverage Ratio" shall mean the ratio of Net
Operating Income to Assumed Debt Service. "Assumed Debt Service" shall mean the
amount of principal and interest that would be due on a loan in the Loan Amount
being amortized in equal consecutive monthly payments over twenty (20) years at
an interest rate equal to the per annum rate payable on ten-year United States
Treasury Securities as published in the most recent edition of Federal Reserve
Statistical Release H.15 (519) preceding the date of testing, plus two and one
half (2.50%) per annum. "Net Operating Income" shall mean all rents and revenues
of the Project and Property based on executed leases less pro forma expenses of
the Project and Property, as set forth in the appraisal provided to Huntington
and acceptable to Huntington and/or in the leases, exclusive of any payment of
interest or principal on the Note and of any charges or fees for the services of
Borrower, its members, their respective families or any party or entity
financially affiliated with any of the same.

         1.4      "Default Rate of Interest" shall mean an interest rate equal
to the sum of two percent (2%) per annum plus the Prime Commercial Rate.

         1.5      "Event of Default" shall have the meaning set forth in Section
5 of this Note.

         1.6      "Guaranties" shall mean, collectively, the Unconditional
Guaranties of Payment and Performance, of even date herewith, made by each of
the Guarantors to Huntington to guarantee payment and performance in accordance
with the terms and conditions of the Loan Documents.

         1.7      "Guarantors" shall mean Glimcher Properties Limited
Partnership and Glimcher Properties Corporation.

         1.8      "Indebtedness" shall mean every sum payable to Huntington by
Borrower in accordance with the terms and conditions of the Loan Documents.

         1.9      "Interest Period" shall mean with respect to any Quoted LIBO
Rate Advance, an initial period commencing, on the day such an advance shall be
made by Huntington, and ending on the date one (1) month, thereafter, provided
that any Interest Period with respect to a Quoted LIBO Rate Advance that shall
commence on the last LIBO business day of the calendar month

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(or on any day for which there is no numerically corresponding day in the
appropriate subsequent calendar month) shall end on the last LIBO business day
of the appropriate subsequent calendar month; and each Interest Period with
respect to a Quoted LIBO Rate Advance that would otherwise end on a day which is
not a LIBO business day shall end on the next succeeding LIBO business day or,
if such next succeeding LIBO business day falls in the next succeeding calendar
month, on the next preceding LIBO business day.

         1.10     "Loan Documents" shall mean, collectively, this Note, the
Mortgage, and the Loan Commitment Letter and the Construction Loan Agreement, as
those terms are defined in the Mortgage the Guaranties and any other instrument,
document, certificate or affidavit heretofore, now or hereafter given by
Borrower evidencing or securing, or by any of the Guarantors guaranteeing, all
or any part of the foregoing.

         1.11     "Mortgage" shall mean that certain Open-End Mortgage,
Assignment of Rents and Security Agreement, of even date herewith, made by
Borrower to Huntington to secure payment and performance by Borrower of the Loan
Documents.

         1.12     "Mortgaged Property" shall have the meaning defined in the
Mortgage.

         1.13     "Note" shall mean this Note and any and all renewals,
amendments, modifications, reductions and extensions hereof and substitutions
hereof.

         1.14     "Prime Commercial Rate" shall mean the interest rate
established from time to time by Huntington as its Prime Commercial Rate, based
upon its consideration of economic, money market, business and competitive
factors, and not necessarily the most favorable rate of Huntington. If for any
reason, Huntington ceases to establish a Prime Commercial Rate, then the
interest rate calculations required herein shall be determined based upon a
comparable rate in Columbus, Ohio, selected by Huntington.

         1.15     "Project" shall mean the multi-tenant mall known as Eastland
Mall, located at Refugee Road and Hamilton Road in Columbus, Ohio.

         1.16     "Property" shall mean the real property described in the
Mortgage.

         1.17     "Quoted LIBO Rate" shall mean with respect to any Quoted LIBO
Rate Advance and the related Interest Period, the per annum rate that is equal
to the quotient of:

                  (i)      the actual or estimated arithmetic mean of the per
                           annum rates of interest at which deposits in U.S.
                           dollars for the related Interest Period and in an
                           aggregate amount comparable to the amount of such
                           Quoted LIBO Rate Advance are being offered to U.S.
                           banks by one or more prime banks in the London
                           interbank market, as determined by Huntington in its
                           discretion based upon reference to information which
                           appears on page LIBOR01 captioned "British Bankers
                           Assoc. Interest Settlement Rates," of the Reuters
                           American Network, a service of Reuters America, Inc.
                           (or such other page that may replace that page on
                           that service for the purpose

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                           of displaying London interbank offered rates), or, if
                           such service ceases to be available or ceases to be
                           used by Huntington, such other reasonably comparable
                           money rate service selected by Huntington, the
                           obtaining of rate quotations, or any other reasonable
                           procedure, at approximately 11:00 a.m. London,
                           England time, on the second LIBO Business Day prior
                           to the first day of the related Interest Period; all
                           as determined by Huntington, divided by

                  (ii)     a percentage equal to 100% minus the rate (expressed
                           as a percentage), if any, at which reserve
                           requirements are imposed on Huntington, on the second
                           LIBO Business Day prior to the first day of the
                           related Interest Period, with respect to any
                           "Eurocurrency liabilities" under Regulation D of the
                           Board of Governors of the Federal Reserve System or
                           any other regulations of any governmental authority
                           having jurisdiction with respect thereto (including,
                           without limitation, any marginal, emergency,
                           supplemental, special or other reserves) for a term
                           comparable to such Interest Period. This provision is
                           for the benefit of Huntington and is not intended to
                           increase the expected yield to Huntington above the
                           rates of interest provided for in the Note.

         1.18     "Quoted LIBO Rate Advance" shall mean any amount advanced
under the Note which shall bear interest at a rate calculated with reference to
the Quoted LIBO Rate.

         1.19     "Stated Maturity Date" shall mean January 1, 2007.

         1.20     "Variable Rate" shall mean a variable rate of interest, which
shall equal the sum of two percent (2.00%) per annum plus the Daily LIBO Rate or
the Quoted LIBO Rate as the case may be. Until the entire principal amount of
the Note has been advanced, the initial Twenty Four Million And 00/100 Dollars
($24,000,000.00) advanced under the Note shall bear interest at the Quoted LIBO
Rate. Until the entire principal amount of the Note has been advanced, any
amount advanced as part of the loan after the initial Twenty Four Million And
00/100 Dollars ($24,000,000.00) principal has been made, shall bear interest at
the Daily LIBO Rate. After the entire principal amount of the Note has been
advanced, the Variable Rate shall be further adjusted as follows: when there
exists a Debt Service Coverage Ratio (as heretofore defined) of 1.10 to 1 the
variable rate shall equal the sum of one and 90/100 percent (1.90%) per annum
plus the Daily LIBO Rate or the Quoted LIBO Rate; when there exists a Debt
Service Coverage Ratio of 1.20 to 1, the Variable Rate shall equal the sum of
one and 85/100 percent (1.85%) per annum plus the Daily LIBO Rate or the Quoted
LIBO Rate and when there exists a Debt Service Coverage Ratio of 1.30 to 1, the
Variable Rate shall equal one and three-fourths percent (1.75%) per annum plus
the Daily LIBO Rate or the Quoted LIBO Rate. After the entire principal amount
of the Note has been advanced, Borrower may elect to have the LIBO component of
the Variable Rate accrue on the entire principal amount at either the Daily LIBO
Rate or the Quoted LIBO Rate.

                      2. PAYMENTS OF PRINCIPAL AND INTEREST

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         2.1      The unrepaid advances of the principal sum shall bear interest
at the Variable Rate. Installments of interest shall be due and payable on each
Interest Payment Date, "Interest Payment Date" shall mean (i) the lst day of
each Interest Period in the case of a Quoted LIBO Rate advance; and (ii) in the
case of a Daily LIBO Rate Advance, the first business day of each month.

         2.2      For any partial month prior to the Stated Maturity Date,
however, interest on the principal sum shall be calculated and charged at a
variable rate per annum equal to the Prime Commercial Rate.

         2.3      All interest payable in accordance with the Note shall be
calculated on the unrepaid advances of the principal sum on the basis of the
actual number of calendar days elapsed and a year of three hundred sixty (360)
days.

         2.4      Unless sooner paid or declared due and payable in accordance
with Subsection 5.2 of this Note, the Indebtedness shall be due and payable in
full on the Stated Maturity Date.

         2.5      In the event that a regulatory requirement shall (a) affect
the basis of taxation of payments to Huntington of any amounts payable by
Borrower for Quoted LIBO Rate Advances or Daily LIBO Rate Advances under this
Note (other than taxes imposed on the overall net income of Huntington by the
jurisdiction, or by any political subdivision or taxing authority of any such
jurisdiction, in which Huntington has its principal office), or (b) shall
impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit
extended by Huntington, or (c) shall impose any other condition, requirement or
charge with respect to this Note or the loan (including, without limitation, any
capital adequacy requirement, any requirement which affects the manner in which
Huntington allocates capital resources to its commitments or any similar
requirement), and the result of any of the foregoing change in external
conditions is to increase the actual cost to Huntington of making or maintaining
the respective advance, to reduce the actual amount of any sum receivable by
Huntington thereon, or to reduce the actual rate of return on the capital of
Huntington from the actual cost, sum receivable or rate of return applicable on
the date of this Note, then Borrower shall pay to Huntington, from time to time,
upon written request of Huntington, additional amounts sufficient to compensate
Huntington for such increased cost, reduced sum receivable or reduced rate of
return (collectively, "Reduced Earnings") to the extent Huntington is not
compensated therefor in the computation of the interest rates applicable to the
Note. A detailed statement as to the amount of such increased cost, reduced sum
receivable or reduced rate of return, prepared in good faith and submitted by
Huntington to Borrower, shall be conclusive and binding for all purposes, absent
manifest error in determination. Huntington shall promptly notify Borrower in
writing of any event occurring after the date of this Note that entitles
Huntington to additional compensation pursuant to this paragraph. This provision
is for the benefit of Huntington and is not intended to increase the yield to
Huntington above the rates of interest provided for in this Note. This provision
shall survive the payment in full of this Note. In such circumstance, Borrower
may elect, as of the end of the Interest Period, to have interest be calculated
and charged at a variable rate per annum equal to the Prime Commercial Rate.

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         Notwithstanding any other provision of this Note to the contrary, if,
(a) deposits in U.S. dollars for periods comparable to one month LIBO are not
available to Huntington in the London interbank market, or (b) the Quoted LIBO
Rate or Daily LIBO Rate will not accurately cover the cost to Huntington of
making or maintaining the related Quoted LIBO Rate Advance or Daily LIBO Rate
Advance, or (c) by reason of national or international financial, political or
economic conditions or by reason of any applicable law, treaty, rule or
regulation (whether domestic or foreign) now or hereafter in effect, or the
interpretation or administration thereof by any governmental authority charged
with the interpretation or administration thereof, or compliance by Huntington
with any request or directive of such authority (whether or not having the force
of law), including without limitation exchange controls, it is unlawful,
impossible or unduly burdensome for Huntington (i) to make the Quoted LIBO Rate
Advance or Daily LIBO Rate Advance or (ii) to continue such Quoted LIBO Rate
Advance or Daily LIBO Rate Advance, then Borrower shall not be entitled, so long
as such circumstances continue, to request a Quoted LIBO Rate Advance or Daily
LIBO Rate Advance. During the period that such circumstances exist, interest on
the principal sum bearing interest at a the Quoted LIBO Rate or Daily LIBO Rate
shall be calculated and charged at variable rate (subject to daily adjustment)
per annum equal to the Prime Commercial Rate. In the event that such
circumstances no longer exist, Huntington shall again consider requests for
Quoted LIBO Rate Advances and Daily LIBO Rate Advances.

         In the event that any applicable law, treaty, rule or regulation
(whether domestic or foreign) now or hereafter in effect, or any interpretation
or administration thereof by any governmental authority charged with the
interpretation or administration thereof, or compliance by Huntington with any
request or directive of such authority (whether or not having the force of law),
including without limitation exchange controls, shall make it unlawful or
impossible for Huntington to maintain any Quoted LIBO Rate Advance or Daily LIBO
Rate Advance under this Note, Borrower shall after receipt of written notice
thereof from Huntington, repay in full that portion of the outstanding unpaid
balance of the principal sum bearing interest at the Quoted LIBO Rate or Daily
LIBO Rate , together with all accrued interest thereon to the date of payment
and all amounts due to Huntington under the following paragraph, (i) on the last
day of the then current Interest Period applicable to such advance, if
Huntington may lawfully continue to maintain such advance to such day, or (b)
immediately, if Huntington may not continue to maintain such advance to such
day. This provision is for the benefit of Huntington and is not intended to
increase the yield to Huntington above the rates of interest provided for in
this Note. This paragraph shall apply only as long as such illegality exists.
Huntington shall use reasonable, lawful efforts to avoid the impact of such law,
treaty, rule or regulation. As an alternative to the repayment obligation
provided in this paragraph, Borrower may, at its option, and at the time
provided in this paragraph, convert the advance to an advance bearing interest
at a variable rate per annum equal to the Prime Commercial Rate, accompanied by
the payment of all accrued interest to the date of conversion and all amounts
due to Huntington under the following paragraph.

         If Borrower makes any payment of principal with respect to a Quoted
LIBO Rate Advance on any other date than the last day of an Interest Period
applicable thereto or fails to make any payment of principal or interest when
due or at the maturity date, Borrower shall reimburse Huntington on demand for
any resulting actual and direct loss or expense incurred by

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Huntington, determined in Huntington's reasonable opinion, including without
limitation any loss incurred in obtaining, liquidating or employing deposits
from third parties. A detailed statement as to the amount of such loss or
expense, prepared in good faith and submitted by Huntington to Borrower, shall
be conclusive and binding for all purposes absent manifest error in
determination. This provision is for the benefit of Huntington and is not
intended to increase the yield to Huntington above the rates of interest
provided for in this Note. This provision shall survive the payment in full of
this Note.

                                 3. LATE CHARGES

         3.1      If any payment of principal or interest or both is not paid in
full on or before the fifteen (15th) day of the calendar month in which it is
due, then, in addition to the amount of said payment, there shall be due and
payable a late charge for each such payment in the amount of five percent (5%)
of such payment, which Borrower agrees is a fair and reasonable charge for costs
incurred by Huntington in processing such late payment and is not a penalty.

                                  4. PREPAYMENT

         4.1      Borrower shall have the right to prepay the unrepaid advances
of the principal sum, in whole or in part, from time to time, without premium or
penalty but upon payment of any costs incurred by Huntington with respect to
advances bearing interest at the Quoted LIBO Rate or Daily LIBO Rate provided
(a) that Huntington shall receive written notice of Borrower's intention to
prepay not less than five (5) business days prior to such prepayment, and (b)
that a payment of all accrued and unpaid Indebtedness to the date of such
prepayment is included with such prepayment; and provided further, that if such
prepayment follows an Event of Default and a declaration by Huntington that the
Indebtedness is due and payable, then Borrower shall pay to Huntington on the
date of such prepayment a prepayment premium equal to five percent (5%) of the
Indebtedness then due, which Borrower agrees is a fair and reasonable charge for
costs incurred by Huntington in processing such Event of Default and declaration
and is not a penalty.

         4.2      For the purposes of Subsections 4.1 and 4.2 of this Note,
repayment of the Indebtedness following an Event of Default and declaration by
Huntington that the Indebtedness is due and payable shall, notwithstanding such
declaration, be deemed a prepayment.

         4.3      Prepayments shall not be readvanced.

                                   5. DEFAULT

         5.1      The term "Event of Default" shall mean:

         (a)               A failure by Borrower to make any payment of
principal or interest or both when due pursuant to the terms of this Note;

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         (b)               Any representation or warranty made by Borrower or
any of the Guarantors to Huntington in any of the Loan Documents, any financial
statement or any other writing delivered to Huntington in connection with the
Indebtedness is false or misleading in any material respect;

         (c)               Borrower or any of the Guarantors shall make a
general assignment for the benefit of creditors;

         (d)               Borrower shall transfer assets to others for less
than fair value or in other than the ordinary course of business, without
Huntington's prior written consent;

         (e)               Borrower or any of the Guarantors shall commence any
case, proceeding or other action seeking reorganization, arrangement,
adjustment, liquidation, dissolution or composition of Borrower or any of the
Guarantors or any debts under any law relating to bankruptcy, insolvency,
reorganization or relief of debtors or seeking an appointment of a receiver,
trustee, custodian, conservator, liquidator, or other similar official for
Borrower, any of the Guarantors, all or any of the Mortgaged Property, or any
other property of Borrower or any of the Guarantors;

         (f)               Any case, proceeding or other action is commenced
against Borrower or any of the Guarantors seeking to have an order for relief
entered against Borrower or any of the Guarantors, as debtor, or seeking a
reorganization, arrangement, adjustment, liquidation, dissolution or composition
of Borrower or any of the Guarantors or any debts, under any law relating to
bankruptcy, insolvency, reorganization or relief of debtors, or seeking an
appointment of a receiver, trustee, custodian, conservator, liquidator, or other
similar official for Borrower, any of the Guarantors, all or any of the
Mortgaged Property, or any other property of Borrower or any of the Guarantors,
and such case, proceeding or other action (i) results in the entry of an order
for relief against Borrower or any of the Guarantors or (ii) remains undismissed
for a period of sixty (60) days;

         (g)               Borrower or any of the Guarantors shall have
concealed, removed, or permitted to be concealed or removed property, with
intent to hinder, delay or defraud creditors, or shall have made or suffered a
transfer of property which may be fraudulent under any bankruptcy, fraudulent
conveyance or similar law, or shall have made or suffered a transfer of property
to or for the benefit of a creditor at a time when other creditors similarly
situated have not been paid, or shall have suffered or permitted, while
insolvent, any creditor to obtain a lien upon any property through legal
proceedings which are not vacated within sixty (60) days from the date thereof;

         (h)               At Huntington's option, death of or appointment of a
guardian for any of the individual Guarantors, unless within ninety (90) days
after such death or appointment Borrower shall have provided a substitute
guarantor or additional security acceptable to Huntington;

         (i)               The sale, assignment, leasing, mortgaging,
encumbering, or other conveyance of the Mortgaged Property or any portion
thereof or legal, equitable or beneficial

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interest therein, or any contracting for any of the same, except as expressly
permitted in the Loan Documents;

         (j)               The filing of a mechanic's or materialman's lien upon
the Mortgaged Property, which lien is not discharged, bonded off or insured over
within thirty (30) days after such filing;

         (k)               The sale, assignment, transfer or other conveyance of
the Mortgaged Property except as expressly permitted in the Loan Documents;

         (l)               The occurrence of any event of default, acceleration,
or commencement of foreclosure under any other mortgage, lien or encumbrance on
the Mortgaged Property, prior or subordinate to the lien of the Mortgage
(provided that this sentence shall not be construed as a consent to any other
mortgage, lien or encumbrance);

         (m)               The entry of any judgment or lien against Borrower or
any of the Guarantors by or in favor of any third person which judgment or lien
in excess of $100,000.00 is not satisfied, discharged or bonded off within
thirty (30) days from the date of entry of said judgment or lien; or

         (n)               A failure by Borrower to comply with any of the other
material terms, conditions or covenants specified herein or in any other of the
Loan Documents and such failure remains uncured for thirty (30) days after
written notice to Borrower of such failure.

         5.2      Upon the occurrence of any Event of Default, the entire
Indebtedness shall thereupon bear interest at the Default Rate of Interest, and
at the option of Huntington, all the Indebtedness together with interest thereon
at the Default Rate of Interest shall immediately become due and payable,
without regard to the Stated Maturity Date, without demand made therefor, and
without notice to any person, notice of the exercise of said option being hereby
expressly waived; provided, however, that upon the occurrence of an Event of
Default pursuant to Section 5.1(e), the entire principal and all accrued
interest shall automatically become due and payable. Huntington shall have all
remedies of a secured party under law and equity to enforce the payment of all
of the Indebtedness, time being of the essence in the Note. The Default Rate of
Interest shall be charged to Borrower upon the occurrence of any Event of
Default notwithstanding any invoices or billing statements sent by Huntington to
Borrower indicating an interest rate to the contrary. In addition, any waiver of
Huntington's right to charge the Default Rate of Interest or to declare the
Indebtedness immediately due and payable must be made in writing and cannot be
waived by oral representation or the submission to Borrower of monthly billing
statements.

                                6. MISCELLANEOUS

         6.1      The failure of Huntington to exercise any option herein
provided upon the occurrence of any Event of Default shall not constitute a
waiver of the right to exercise such option in the event of any continuing or
subsequent Event of Default. Borrower hereby agrees that the maturity of all or
any part of the Indebtedness may be postponed or extended and that

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any covenants and conditions contained in the Note or in any of the other Loan
Documents may be waived or modified without prejudice to the liability of
Borrower on the Note or other Loan Documents.

         6.2      When the Note becomes due, by acceleration or otherwise,
Huntington may, at its option, demand, sue for, collect, or make any compromise
or settlement it deems desirable with reference to property held as security
herefor. Huntington shall not be bound to take any steps necessary to preserve
any rights in the property held as security herefor against prior parties, which
Borrower hereby assumes to do. The provisions hereof shall apply and be
controlling as to all property which may at any time be security herefor.

         6.3      Borrower hereby authorizes Huntington, in its sole discretion,
upon the occurrence of an Event of Default, to apply all or any portion of the
balance of any account maintained by Borrower with Huntington to the payment or
reduction, in whole or in part, of any and all the Indebtedness then due,
whether by acceleration or otherwise. Upon the occurrence of any Event of
Default, Huntington shall have the right to set off all obligations of Borrower
to Huntington hereunder, whether matured or unmatured, against all amounts owing
to Borrower by Huntington, whether or not then due and payable, and all other
funds or property of Borrower on deposit with or otherwise held in the custody
of Huntington, all without notice to or demand on Borrower, such notice and
demand being hereby waived.

         6.4      Presentment for payment, notice of dishonor, protest, notice
of protest and diligence in bringing suit against any party hereto are hereby
waived by Borrower.

         6.5      Borrower hereby waives all relief from any and all
appraisement or exemption laws now in force or hereafter enacted.

         6.6      The obligations evidenced or created by the Note, as well as
all waivers of rights by Borrower contained herein shall effectively bind and be
the obligations and waivers of any and all others who may at any time become
liable for the payment of all or any part of the Note, including, without
limitation, all endorsers and guarantors.

         6.7      Nothing herein contained, nor contained in any of the other
Loan Documents, shall be construed or so operate as to require Borrower, or any
person liable for the payment of the Indebtedness, to pay interest in an amount
or at a rate greater than the highest rate permissible under applicable law.
Should any interest or other charges paid by Borrower, or any parties liable for
the payment of the Indebtedness, result in the computation or earning of
interest in excess of the highest rate permissible under applicable law, then
any and all such excess shall be and the same is hereby waived by Huntington,
and all such excess shall be automatically credited against and in reduction of
the unrepaid advances of the principal sum, and any portion of said excess which
exceeds the unrepaid advances of the principal sum shall be paid by Huntington
to Borrower and any parties liable for the payment of the Indebtedness, it being
the intent of the parties hereto that under no circumstances shall Borrower or
any parties liable for the payment of the Indebtedness, be required to pay
interest in excess of the highest rate permissible under applicable law. All
interest paid or agreed to be paid to Huntington shall, to the extent permitted
under applicable law, be amortized, prorated, allocated and spread throughout
the full period until payment in full of the Indebtedness, including the period
of any

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renewal or extensions thereof, so that interest thereon for such full period
shall not exceed the maximum amount permitted by applicable law.

         Notwithstanding anything to the contrary herein contained, in the event
that the interest rate to be charged hereunder ever exceeds the highest rate
permissible under applicable law, thereby causing the interest accruing on the
Indebtedness to be limited to such rate, then any subsequent reduction in the
interest rate to which Borrower would otherwise be entitled shall be held in
abeyance until the total amount of interest accrued on the Indebtedness equals
the amount of interest which would have accrued on the Indebtedness had the
interest rate not been limited to the highest rate permissible under applicable
law.

         6.8      If any provision or any part of any provision contained in the
Note shall for any reason be held or deemed to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision or remaining part of the affected provision
of the Note, and the Note shall be construed as if such invalid, illegal or
unenforceable provision or part thereof had never been contained herein and the
remaining provisions of the Note shall remain in full force and effect.

         6.9      Borrower hereby authorizes any attorney-at-law to appear in
any court of record in the State of Ohio or in any other state or territory of
the United States at any time after the Note becomes due, whether by
acceleration or otherwise, to waive the issuing and service of process, and to
confess judgment against Borrower in favor of Huntington for the amount due
together with interest, expenses, the costs of suit and reasonable counsel fees,
and thereupon to release and waive all errors, rights of appeal and stays of
execution. Such authority shall not be exhausted by one exercise, but judgment
may be confessed from time to time as any sums and/or costs, expenses or
reasonable counsel fees shall be due, by filing an original or a photostatic
copy of the Note. The attorney-at-law authorized hereby to appear for Borrower
may be an attorney-at-law representing Huntington, and Borrower hereby expressly
waives any conflict of interest that may exist because of such representation.

         6.10     Borrower hereby agrees to pay to Huntington all costs of
collecting and securing, and of attempting to collect and to secure the Note,
and all costs of foreclosing the Mortgage, including, without limitation,
reasonable attorneys' fees, appraisers' fees, court costs, notice charges and
title insurance charges, whether such attempt be made by suit, in bankruptcy, or
otherwise, and said costs and any other sums due Huntington by virtue of the
Loan Documents may be included in any judgment or decree rendered.

         6.11     Any notice required or permitted to be given hereunder shall
be in writing. If mailed by first class United States mail, postage prepaid,
registered or certified with return receipt requested, then such notice shall be
effective upon its deposit in the mails. Notice given in any other manner shall
be effective only if and when received by the addressee. For purposes of notice,
the addresses of Borrower and Huntington shall be as set forth below; provided
however, that either party shall have the right to change such party's address
for notice hereunder to any other location within the continental United States
by the giving of thirty (30) days' written notice to the other party.

                                       11

<PAGE>

         If to Borrower:         EM Columbus, LLC
                                 150 East Gay Street
                                 Columbus, Ohio  43215
                                 Attn: George Schmidt
                                 General Counsel

         If to Huntington:       The Huntington National Bank
                                 Commercial Real Estate Group
                                 41 South High Street
                                 Columbus, Ohio 43215
                                 Attention: Bonnie Birath

         6.12     The Note is a "contract of indebtedness" pursuant to O.R.C.
Section 1301.21. The loan evidenced by the Note is a business loan and is not
incurred for purposes that are primarily "personal, family or household", as
defined in O.R.C. Section 1301.21.

         6.13     The Note was executed and delivered by Borrower at Columbus,
Franklin County, Ohio and is to be governed by and construed in accordance with
the laws of the State of Ohio. Borrower hereby consents to, and by execution of
the Note submits to, the personal jurisdiction of the Court of Common Pleas of
Franklin County, Ohio and the United States District Court sitting in Columbus,
Ohio, for the purposes of any judicial proceedings which are instituted for the
enforcement of the Note. Borrower agrees that venue is proper in either of said
courts.

WARNING - BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT,
OR ANY OTHER CAUSE.

                                 EM COLUMBUS, LLC,
                                 a Delaware limited liability company

                                 By: Glimcher Properties Limited Partnership,
                                 a Delaware limited partnership, its sole member

                                 By: Glimcher Properties Corporation,
                                 a Delaware corporation, its General Partner

                                 By:____________________________________________

Federal Tax Identification Number:

                                       12<PAGE>

                                                                    EXHIBIT 10.5

                                                            Polaris Towne Center

                     MEMBERSHIP INTEREST PURCHASE AGREEMENT

         This Membership Interest Purchase Agreement (this "Agreement") is made
by and between N.P. Limited Partnership, an Ohio limited partnership, as seller
(the "Seller"); and Glimcher Properties Limited Partnership, a Delaware limited
partnership, as purchaser (the "Purchaser"), to be effective as of the last date
of execution of this Agreement by Seller and Purchaser (the "Effective Date").
Polaris Center, LLC, a Delaware limited liability company (the "Company") also
joins in the execution of this Agreement to evidence its consent to the transfer
of the limited liability interest described in this Agreement and to otherwise
comply with those specific obligations expressly imposed on it by the terms of
this Agreement. The Seller and the Purchaser may be sometimes collectively
referred to herein as the "parties".

                                    RECITALS

         A.       The Seller owns a 50% limited liability company membership
                  interest (collectively, the "Interest") in the Company. The
                  Company owns a community shopping center (the "Center") known
                  as Polaris Towne Center situated in Delaware County, Ohio.

         B.       Purchaser and Glimcher PTC, Inc., a Delaware corporation
                  ("Glimcher PTC") are the only other members (collectively, the
                  "Members" and individually, a "Member") of the Company. The
                  Company's Members entered into a certain Second Amended and
                  Restated Operating Agreement dated as of May 12, 2000 (the
                  "Operating Agreement"). The Operating Agreement has not been
                  subsequently amended, and that document is the only document
                  evidencing the Seller's ownership of the Interest and there
                  are no other documents of whatever nature or kind relating to
                  the Members' rights and responsibilities as Members in the
                  Company.

         C.       The Purchaser desires to purchase and the Seller desires to
                  sell, the Seller's 50% Interest as Member in the Company on
                  the terms and subject to the conditions set forth in this
                  Agreement.

         NOW, THEREFORE, in consideration of the foregoing and the mutual
promises contained herein, the sufficiency of which is hereby acknowledged, the
parties, intending to be legally bound, agree as follows.

1.       Purchase and Sale of Membership Interest. On the terms and subject to
         the conditions of this Agreement, the Purchaser agrees to purchase from
         the Seller, and the Seller agrees to sell to the Purchaser, the
         Interest in the Company for the price and on the terms set forth in
         this Agreement. The transfer (the "Transfer") of the Interest in the
         Company shall be completed by Seller's execution of an Assignment of
         Membership Agreement (the "Assignment Agreement"), the form of which is
         attached hereto as Exhibit A. The Transfer shall be effective upon the
         Closing Date (as that term is defined in Section 3 below).

<PAGE>

2.       Purchase Price. The total purchase price (the "Purchase Price") to be
         paid by the Purchaser for the Interest shall be Ten Million Dollars
         ($10,000,000.00).

3.       Payment Terms. Simultaneously with the closing and funding (the
         "Closing" or the "Closing Date") of the purchase and sale of the
         Interest, the Purchase Price shall be paid by the Purchaser to the
         Seller in immediately available federal funds. Prior to the Closing,
         the Seller shall provide the Purchaser with wire transfer instructions
         so that the total Purchase Price is wire transferred to the Seller.

4.       Transfer of the Interest after the Effective Date. After the Effective
         Date of this Agreement, the Seller shall not transfer directly or
         indirectly all or any part of its Interest in the Company, even if
         those transfers are permitted by the terms of the Operating Agreement.

5.       Contingencies to Closing. In connection with the execution of this
         Agreement, Purchaser also entered into an agreement (the "Polaris Mall
         Purchase Agreement") to purchase 100% of the membership interests owned
         by seven (7) members which are unrelated to Purchaser (collectively,
         the "N.P. Sellers") in Polaris Mall, LLC, a Delaware limited liability
         company ("Polaris Mall"). It is the parties' intentions and requirement
         that the Closing of this Agreement occur simultaneously with the
         closing of the Purchaser's acquisition of all of the N.P. Sellers'
         limited liability interests (the "Polaris Mall Interests") in Polaris
         Mall, and it shall be a condition precedent to this Agreement that the
         N.P. Sellers, in consideration for payment to them as required under
         the Polaris Mall Agreement, transfer all of the N.P. Sellers' Polaris
         Mall Interests to Purchaser under the terms of the Polaris Mall
         Agreement, simultaneously with the Closing of this Agreement.

6.       Closing. The Closing shall occur in the Company's offices at 150 East
         Gay Street, Columbus, Ohio on January 5th, 2004. The parties shall
         execute a closing settlement statement ("Closing Settlement
         Statement"). At the Closing, the parties shall execute and/or deliver
         the following documents (collectively, the "Closing Documents") and
         other deliveries required by the terms of this Agreement, all of which
         are set forth below:

<TABLE>
<CAPTION>
                                         Referred to in
    Agreement/Document/Delivery        Agreement Section      Delivered By
------------------------------------   ------------------  ------------------
<S>                                    <C>                 <C>
(a)     Assignment Agreement           Section 1                 Seller
(b)     Purchase Price                 Section 2                Purchaser
(c)     Closing Settlement Statement   Section 6                 Company
(d)     Good Standing Certificate      Section 8(a)(v)           Seller
(e)     Good Standing Certificate      Section 8(b)(iii)        Purchaser
(f)     Such other documents           Section 9           Any of the parties
(g)     Resolutions                    Section 15                Seller
</TABLE>

                                        2

<PAGE>

7.       Mutual Release. Effective as of the Closing Date and the payment of the
         entire Purchase Price by the Purchaser to the Seller, the Purchaser,
         the Seller, and the Company, for each of them and their respective, as
         applicable, successors, legal representatives, assigns and all persons
         claiming by, through or under them, and each of their respective, as
         applicable, members, parent, subsidiary and/or affiliated companies or
         entities, shareholders, officers, directors, partners, members,
         employees, agents, representatives and attorneys of all of the
         foregoing, and their respective successors, legal representatives,
         assigns and all persons claiming by, through or under any of them
         (collectively, "Representatives"), do hereby release, acquit and
         forever discharge each other and their respective Representatives from
         and against any and all manner of actions, causes of action, suits,
         debts, dues, sums of money owed to them, compensation, commissions,
         covenants, costs, judgments, damages, and claims, demands and actions
         of whatever nature or kind, in law or in equity (collectively, the
         "Claims") which any of them now have or had or may ever have against
         each other and all of their respective Representatives, singularly or
         in combination, on account of, arising out of, or in connection with
         any matter, transaction, act, omission or other involvement of whatever
         nature or kind from the beginning of time through the end of time,
         which in any way relate to (a) the Seller's investment and membership
         in the Company, (b) any and all rights and obligations under the
         Company's current or any former Operating Agreements, (c) any and all
         rights and obligations under any other agreements or understandings
         relating to the Seller's investment in and ownership of the Company's
         business or assets, including without limitation any and all financial
         reporting and accounting matters associated therewith, (d) the transfer
         of the Interest, (e) any other matters, directly or indirectly,
         relating to any of the foregoing, or (f) matters relating to this
         Agreement, except for any obligations set forth in this Agreement which
         are expressly intended to survive the Closing Date or expressly
         intended to occur after the Closing Date. Each of the Purchaser, the
         Seller and the Company, as of the Closing Date agree to indemnify and
         hold the other and all of its respective Representatives harmless
         including without limitation, the obligation to pay the other's legal
         fees and expenses arising out of any Claims made in violation of the
         release and indemnity provisions contained in this section of the
         Agreement. Not in limitation of the foregoing, but as further
         illustration, each of the Purchaser, the Seller and the Company
         covenant and agree, as of the Closing Date for and on behalf of each of
         them and their respective Representatives, to forever refrain from
         instituting, prosecuting, asserting or otherwise pursuing or pressing
         against each other any Claims which are released hereby. The terms of
         this section are intended to survive the Closing forever. The foregoing
         mutual release contained in this Section 7 of this Agreement is not
         intended to terminate or release any obligations under various
         declarations of restrictions, curb cut and access maintenance
         agreements and sign easement agreements relating to certain real estate
         adjacent to the Center.

8.       Representations and Warranties.

         a.       Seller's Representations and Warranties. Seller hereby
                  represents and warrants to the Purchaser as of the Effective
                  Date and again as of the Closing Date as follows:

                                        3

<PAGE>

                  i.       that the Seller has good and marketable title to
                           their respective Interest, free and clear of any
                           lien, pledge, security interest, claim, option,
                           agreement, encumbrance or other restriction of
                           whatever nature or kind;

                  ii.      that the Seller has not previously transferred any
                           part of its Interest sold to Purchaser under the
                           terms of this Agreement;

                  iii.     that the Seller has the full and complete right and
                           power to make the Transfer contemplated by this
                           Agreement;

                  iv.      both the execution and delivery of this Agreement by
                           the Seller and by the undersigned signatory on behalf
                           of the Seller, and the performance of all obligations
                           and delivery of all Closing Documents, have been duly
                           and properly authorized by all proper, legal and duly
                           authorized actions;

                  v.       that the Seller is a limited partnership in good
                           standing under the laws of the State of Ohio, and
                           that each of its nonindividual constituent partners
                           is in good standing, and that to the extent that the
                           execution of this Agreement or any actions
                           contemplated hereby must be authorized by its
                           partners, such actions have been duly and properly
                           authorized by all proper, legal and duly authorized
                           actions. The Seller shall order and tender to
                           Purchaser at the Closing, a good standing certificate
                           issued by the Ohio secretary of state to confirm that
                           the Seller is in good standing under the laws of the
                           State of Ohio. The tender of such good standing
                           certificate shall in no way release or excuse the
                           Seller from the representations, warranties and
                           obligations contained in the first sentence of this
                           subsection;

                  vi.      no consents from any person, entity, lender or other
                           third party of whatever nature or kind are required
                           in order to enter into this Agreement and perform all
                           of the Seller's obligations hereunder; and,

                  vii.     the Recitals set forth in this Agreement are true and
                           accurate in every respect.

         b.       Purchaser's Representations and Warranties. Purchaser hereby
                  represents and warrants to the Seller as of the Effective Date
                  and again as of the Closing as follows:

                  i.       that it has the full and complete right and power to
                           accept the Transfer contemplated by this Agreement;

                  ii.      both the execution and delivery of this Agreement by
                           the Purchaser and by the undersigned signatory on
                           behalf of the Purchaser, and the performance of all
                           obligations and delivery of all Closing Documents,
                           have been duly and properly authorized by all proper,
                           legal and duly authorized actions;

                                        4

<PAGE>

                  iii.     the Purchaser is a limited partnership in good
                           standing under the laws of the State of Delaware, and
                           that each of its constituent nonindividual partners
                           is in good standing, and that to the extent that the
                           execution of this Agreement or any actions
                           contemplated hereby must be authorized by its
                           partners, such actions have been duly and properly
                           authorized by all proper, legal and duly authorized
                           actions. The Purchaser shall order and tender to
                           Seller at the Closing, a good standing certificate
                           issued by the Delaware Secretary of State to confirm
                           that the Purchaser is in good standing under the laws
                           of the State of Delaware. The tender of such good
                           standing certificate shall in no way release or
                           excuse Purchaser from the representations, warranties
                           and obligations contained in the first sentence of
                           this subsection;

                  iv.      no other consents from any person, entity, lender or
                           other third party of whatever nature or kind are
                           required in order to enter into this Agreement and
                           perform all of its obligations hereunder; and,

                  v.       the Recitals set forth in this Agreement are true and
                           accurate in every respect.

         The representations and warranties set forth in this Section shall
         survive the Closing, and all same shall be true and accurate in all
         material respects as of the Effective Date as well as of the Closing
         Date, without the necessity of signing any updated certificate or other
         document reconfirming all said representations and warranties as of the
         date of the Closing.

9.       Further Assurances. The parties agree to execute and deliver such
         instruments and take such further actions as another party may, from
         time to time, reasonably request and are reasonably required in order
         to effectuate the purposes and to carry out the terms of this
         Agreement.

10.      Pre-Closing Covenants. Each of the parties to this Agreement will use
         its commercially reasonable efforts to take all action and to do all
         things necessary, proper or advisable in order to consummate and make
         effective the transactions contemplated by this Agreement, including
         without limitation, the delivery of the items set forth in Section 6
         hereof.

11.      Broker Fees. Each party hereby represents and warrants to the other
         that it has dealt with no broker, investment broker or agent in
         connection with the transactions contemplated hereby and that no
         commission, finders' fees or other such payments are due any such
         person. Purchaser and Seller shall indemnify, defend (with counsel
         satisfactory to the indemnified party) and agree to hold the other
         harmless from and against any and all loss, liability, cost or expense
         (including without limitations, court costs and reasonable attorneys'
         fees and expenses) that the one may suffer or sustain should the
         foregoing representations and warranties of the other prove inaccurate.
         The foregoing indemnity shall survive the Closing and/or any
         termination of this Agreement.

                                        5

<PAGE>

12.      Notice Addresses. Any notice required or permitted by or in connection
         with the Agreement, without implying the obligation to provide any such
         notice, shall be in writing sent to the appropriate addresses set forth
         below or to such other addresses as may be hereafter specified by
         written notice by Seller or Purchaser. Any such notice shall be deemed
         to be effective (a) one (1) day after deposit if sent by a nationally
         recognized overnight courier service, or (b) two (2) days after deposit
         if sent by the U.S. Postal Service, postage prepaid, certified, return
         receipt requested, or (c) upon receipt if hand delivered or sent by
         facsimile with the sender retaining the facsimile confirmation to prove
         delivery.

         a.       If to Seller:

                  N.P. Limited Partnership
                  8800 Lyra Drive, Suite 550
                  Columbus, Ohio 43240
                  Attn: Franz A. Geiger, Esq.

         b.       If to Purchaser or the Company:

                  Glimcher Properties Limited Partnership
                  150 East Gay Street
                  Columbus, Ohio  43215
                  Attn: George A. Schmidt, Esq.
                  Telecopy No. 614-621-8863

                  With a copy to:

                  Frost Brown Todd LLC
                  10 West Broad Street, Suite 1000
                  Columbus, Ohio  43215
                  Attn:  John I. Cadwallader, Esq.
                  Telecopy No. 614-464-1737

13.      Choice of Law. The laws of the State of Ohio shall govern the rights
         and obligations of the parties to this Agreement, and the
         interpretation and construction and enforceability thereof, and any and
         all issues relating to the transactions contemplated herein.

14.      Miscellaneous. This Agreement may be changed, waived or amended only in
         an agreement signed by all parties to this Agreement. Except as
         specifically provided herein, this Agreement contains the entire
         understanding between the parties relating to the subject matter
         hereof, and it supersedes any and all prior oral or written
         understandings or agreements relating to any such matters. This
         Agreement shall be binding upon and inure to the benefit of the parties
         hereto, and their successors, assigns, heirs and personal
         representatives, as applicable. The captions of the several sections of
         this Agreement are not a part hereof, and these captions shall not be
         used to interpret any of the terms of this Agreement. The Recitals are
         intended to be a part of this Agreement and are incorporated into the
         body hereof. All parties signing this Agreement have taken all duly
         authorized action necessary to authorize the execution of this
         Agreement and to

                                        6

<PAGE>

         execute any and all documents related hereto, and each of the parties
         may rely upon this section of the Agreement without the necessity of
         having further documentation to evidence such authority. If either
         party defaults under its obligations set forth in this Agreement, the
         non-defaulting party shall be entitled to recover reasonable attorneys'
         fees and expenses incurred by the non-defaulting party in either
         defending or initiating any action against the defaulting party. The
         parties specifically acknowledge, represent and warrant that all of the
         terms and conditions of this Agreement are adequately and fully
         supported by consideration. The date of this Agreement shall be the
         date that the last party signs it. In computing any period of time
         under this Agreement, the day of the act or event for which the
         designated period of time begins to run shall not be included, but the
         last day of the period shall be included, unless it is a Saturday,
         Sunday or a legal holiday, in which event, the period shall run through
         the next business day. This Agreement may be executed in counterparts
         and shall be fully enforceable so long as both parties have signed
         either one Agreement or documents in counterpart. This Agreement may be
         executed by facsimile signature and such facsimile signatures shall be
         deemed as originals.

15.      Authorization. At the Closing, each nonindividual Seller shall tender
         an executed resolution and Officer's certificate evidencing (a)
         ratification of the entity's and the signatory's authority to execute
         this Agreement, and (b) authorization of the entity's and the
         signatory's authority to execute and deliver the Closing Documents and
         to perform any and all actions required to be performed under the terms
         of this Agreement.

          [End of Agreement - Signatures appear on the following pages]

                                        7
<PAGE>
         IN WITNESS WHEREOF, the following signatories, intending to be legally
bound hereby, have executed this Agreement.

                                   SELLER:

                                   N.P. LIMITED PARTNERSHIP,
                                   an Ohio limited partnership

                                   By: KEW Investment Company, an Ohio
                                       general partnership, its General Partner

                                   By: The Robert Christian Echele Trust
                                       U/A October 6, 1988, as amended, its
                                       general partner

November ___, 2003                 By: _____________________________________
                                       Robert C. Echele, Trustee

                                   PURCHASER:

                                   GLIMCHER PROPERTIES LIMITED
                                   PARTNERSHIP, a Delaware limited partnership,
                                   through its sole and general partner signing
                                   below

                                   By: GLIMCHER PROPERTIES
                                       CORPORATION, a Delaware corporation

November ___, 2003                 By: _____________________________________
                                       Herbert Glimcher, Chairman

                                   COMPANY:
                                   POLARIS MALL, LLC., a Delaware limited
                                   liability company

                                   By: GLIMCHER PROPERTIES LIMITED
                                       PARTNERSHIP, a Delaware limited
                                       partnership, its Managing Member

                                   By: GLIMCHER PROPERTIES
                                       CORPORATION, a Delaware
                                       corporation, its General Partner

November ___, 2003                 By:______________________________________
                                       Herbert Glimcher, Chairman

                                       8
<PAGE>

                                    EXHIBIT A

                       ASSIGNMENT OF MEMBERSHIP AGREEMENT

<PAGE>

                                                                50% LLC Interest
                                                            Polaris Towne Center

                       ASSIGNMENT OF MEMBERSHIP AGREEMENT

         This Assignment of Membership Interest ("Assignment") is made by N.P.
Limited Partnership, an Ohio limited liability company ("Assignor") and Glimcher
Properties Limited Partnership, a Delaware limited partnership ("Assignee"). The
parties intending to be legally bound, hereby agree as follows:

         Assignor and Assignee have entered into a certain Membership Interest
Purchase Agreement dated as of November 26, 2003 ("Agreement"), and reference is
hereby made to said Agreement. Terms which are capitalized herein shall have the
same meaning as those identically capitalized terms are defined in the
Agreement. Assignor is a Member of the Company, owning a fifty percent (50%)
limited liability membership interest (the "Interest") in the Company.

         FOR VALUE RECEIVED, Assignor hereby sells, assign and transfers to the
Assignee, the Interest in the Company for the consideration described more
particularly in the Agreement. Assignor hereby remakes all representations and
warranties contained in the Agreement as of the Closing Date.

         Assignor further covenants and agrees that, consistent with the terms
of the Agreement, from time to time upon the reasonable request of the Assignee
or the Company, Assignor will execute any document reasonably necessary to
complete, document or otherwise implement the Transfer of the Interest assigned
hereby.

         This Assignment is intended to be effective as of the Closing Date set
forth on the signature page hereof.

            [End of Assignment - Signatures Appear on Following Page]

<PAGE>

         IN WITNESS WHEREOF, the Assignor and the Assignee, intending to be
legally bound hereby, have executed this Assignment by their duly authorized
representative signing below.

                               ASSIGNOR:

                               N.P. LIMITED PARTNERSHIP,
                               an Ohio limited partnership

                               By:      KEW Investment Company, an Ohio
                                        general partnership, its General Partner

                               By:      The Robert Christian Echele Trust
                                        U/A October 6, 1988, as amended, its
                                        general partner

                               By:__________________________________
                                        Robert C. Echele, Trustee

                               ASSIGNEE:

                               GLIMCHER PROPERTIES LIMITED
                               PARTNERSHIP,
                               a Delaware limited partnership,

                               By:      GLIMCHER PROPERTIES
                                        CORPORATION, a Delaware corporation,
                                        its General Partner

                               By:__________________________________
                                        George A. Schmidt
                                        Executive Vice President

                               Closing Date: January 5, 2004

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