Document:

EXHIBIT 10.118

                                 AMENDMENT NO. 3
                                       TO
                          LIMITED PARTNERSHIP AGREEMENT
                                       OF
                     GLIMCHER PROPERTIES LIMITED PARTNERSHIP

     This Amendment No. 3 is made effective as of November 12, 1997 by the
General Partner and the Limited Partners of Glimcher Properties Limited
Partnership, a Delaware limited partnership (the "Partnership").

                                    Recitals
                                    --------

     1. The Partnership was organized pursuant to a Limited Partnership
Agreement dated as of November 30, 1993, as previously amended (the "Partnership
Agreement"). In contemplation of a public offering of a new series of preferred
shares of beneficial interest designated "Series B Preferred Shares" (as defined
below) by Glimcher Realty Trust (the "Trust"), the Partnership and the Trust
have entered into an Underwriting Agreement dated as of November 12, 1997 (the
"Underwriting Agreement") with Donaldson, Lufkin & Jenrette, Prudential
Securities Incorporated, BT Alex. Brown Incorporated and Pain Webber
Incorporated (collectively, the "Underwriter"). Capitalized terms not otherwise
defined herein or in the Partnership Agreement shall have the meanings ascribed
to them in the Underwriting Agreement.

     2. Pursuant to the Underwriting Agreement, the Underwriting has agreed to
purchase Series B Preferred Shares of the Trust, having an aggregate initial
Liquidation Preference not to exceed $115.4 million ($132.8 million if the
Underwriter's over-allotment option is exercised), for the purposes and upon the
terms and conditions set forth therein, with the proceeds from each such series
to be contributed by the Trust to the Partnership in exchange for a series of
Preferred Interests in the Partnership.

     3. Pursuant to Section 6.3(b) of the Partnership Agreement, upon
contribution to the Partnership by the Trust of the proceeds from the issuance
of shares of beneficial interest in the Trust, the Partnership shall issue to
the Trust an interest in the Partnership having designations, preferences and
rights such that the economic interests thereof are substantially similar to
such issued shares of beneficial interest of the Trust.

     4. Pursuant to Section 18.2(iii) of the Partnership Agreement, the Trust,
as general partner of the Partnership (in such capacity, the "General Partner),
has the power, without the consent of the limited partners of the Partnership,
to amend the Partnership Agreement with respect to the issuance of additional
interests in the Partnership such as those contemplated herein.

     5. Pursuant to Section 16 of the Partnership Agreement, the General Partner
has been appointed as attorney-in-fact by each of the limited partners of the
Partnership for purposes, inter alia, of effecting amendments to the Partnership
Agreement adopted in accordance with Section 18.

     6. In connection with Amendment No. 1 to the Securities Purchase Agreement,
dated as of November 10, 1997, among the Partnership, the Trust and Partnership
Acquisition Trust II, a Delaware business trust and an affiliate of Nomura Asset
Capital Corporation (i) the Trust has agreed to exchange any and all of its
outstanding Series A Convertible Preferred Shares of Beneficial Interest (the
"Series A Preferred Shares") in the Trust for an equal amount of Series A-1

<PAGE>

Convertible Preferred Shares of Beneficial Interest (the "Series A-1 Preferred
Shares") in the Trust and (ii) the Partnership and the Trust have agreed to
exchange all issued and outstanding Series A Preferred units of limited
partnership interest (the "Series A Preferred Units") in the Partnership for an
equal number of a new series of preferred units of limited partnership interest
in the Partnership designated "Series A-1 Preferred Units," the economic terms
of which will be identical to the Series A-1 Preferred Shares.

                                    Amendment
                                    ---------

     NOW, THEREFORE, the Partnership Agreement is hereby amended as set forth in
this Amendment No. 3.

     1. Creation and Issuance of Series B Preferred Interests.

          (a) Upon the issuance by the Trust pursuant to the Underwriting
Agreement of the Series B Preferred Shares, the Partnership is authorized,
through the sole action of the General Partner on its behalf, to create,
designate and issue units ("Units") of non-voting preferred limited partner
interest (a "Series B Preferred Interest") having the same rate of return and
other terms as designated in the applicable Articles Supplementary of the Series
B Preferred Shares; provided, that the aggregate Preferred Contribution (as
defined below) for all Series B Preferred Interests issued pursuant to this
Amendment No. 3 shall not exceed $115.4 million ($132.8 million if the
Underwriters' over-allotment option is exercised). Units of Series B Preferred
Interest shall be evidenced by a Certificate of Series B Preferred Limited
Partner Interest in the form attached as Exhibit A.

          (b) There is hereby created and designated a series of non-voting
preferred limited partner interest known as Series B Preferred Interest
consisting of 5,520,000 Units which shall correspond to 5,520,000 shares of
Series B Preferred Shares (the "Series B Preferred Shares"). On the date hereof,
4,800,000 Units of Series B Preferred Interest are hereby issued to the Trust
contemporaneously with the 4,800,000 Series B Preferred Shares being issued
pursuant to the Underwriting Agreement.

     2. Preferred Contribution: Preferred Return

          (a) Simultaneously with each sale of Series B Preferred Shares under
the Underwriting Agreement, the Trust shall contribute an amount equal to the
gross proceeds of such sale (the "Preferred Contribution") to the Partnership in
consideration of the related equal number of Units of Series B Preferred
Interest.

          (b) The Trust shall be entitled to receive, and the Partnership shall
pay, a distribution (the "Series B Preferred Return") on each Unit of a Series B
Preferred Interest equal to the return applicable to each share of the related
Series B Preferred Shares under the Articles Supplementary. To the extent that
any Series B Preferred Return is not paid when due, such amount shall accrue on
the same terms and conditions as distributions on the applicable Series B
Preferred Shares under the Articles Supplementary. The Series B Preferred Return
shall due in the same amounts and on the same dates as distributions on the
applicable Series B Preferred Shares are due under the Articles Supplementary.
For purposes hereof, no effect shall be given to (i) the fact that the Series B
Preferred Shares may have been cancelled or (ii) any amendment or modification
of the Articles Supplementary.

                                       2
<PAGE>

     3. Capital Account; Allocations. A separate Capital Account shall be
established and maintained with respect to the Series B Preferred Interest, with
adjustments thereto and other allocations of Partnership items made consistent
with the Regulations and the advice of the Partnership's independent accounts.

     4. Distributions.

          (a) In the event of liquidation and dissolution of the Partnership,
the holder of any Series B Preferred Interest then outstanding shall be entitled
to receive, prior to distributions to Partners pursuant to Section 15.2 of the
Partnership Agreement and prior to distributions to partners on Units of
non-voting Series A-1 preferred limited partner interests, an amount equal to
the Liquidation Preference plus accrued and unpaid dividends which would be
payable under the applicable Articles Supplementary to the holder of an equal
amount of the Series B Preferred Shares if on the date of dissolution of the
Partnership the Trust were to dissolve and liquidate.

          (b) Except as expressly provided herein, the holders of any Series B
Preferred Interests shall not be entitled to participate in any other
distributions made by the Partnership pursuant to Section 8, Section 15 or
otherwise under the Partnership Agreement.

     5. Redemption and Other Terms.

          (a) In the event of any redemption by the Trust of all or any portion
of the Series B Preferred Shares pursuant to the Articles Supplementary, an
equal portion of the Series B Preferred Interest shall be redeemed on the same
basis as such Series B Preferred Shares and permanently retired and cancelled
for all purposes.

          (b) Upon any other return to the Trust or other holder of a Series B
Preferred Contribution with respect to all or any portion of such Series B
Preferred Interest (whether in cash or Series B Preferred Shares), together with
payment of any accrued and unpaid Preferred Return applicable thereto, such
Series B Preferred Interest shall to such extent be permanently retired and
cancelled for all purposes.

     6. Investment Representations; Transfer Restrictions.

          (a) The Trust represents and warrants to the Partnership that (i) it
is acquiring the Series B Preferred Interest for its own account for investment
and not with a view towards the resale, transfer or distribution thereof, nor
with any present intention of distributing the Series B Preferred Interest, (ii)
it is an "accredited investor" as defined in Rule 501(a) of Regulation D under
the Securities Act, and (iii) it understands that the issuance of the Series B
Preferred Interest is intended to be exempt from registration under the
Securities Act by virtue of Section 4(2) thereof and Rule 506 thereunder, and
that the Series B Preferred Interests will be "restricted securities" as defined
in Rule 144 under the Securities Act.

          (b) The Trust covenants that it will not sell or otherwise transfer
the Series B Preferred Interest (or any interest therein) except pursuant to an
effective registration under the Securities Act or in a transaction which, in
the opinion of counsel in such form and by such counsel satisfactory to the
Partnership, qualifies as a exempt transaction under the Securities Act and the
rules and regulations promulgated thereunder.

                                       3
<PAGE>

          (c) The certificates evidencing Units of Series B Preferred Interest
shall bear an appropriate legend reflecting the foregoing restrictions on
transfer of the Series B Preferred Interest.

     7. Creation and Issuance of Series A-1 Preferred Interests. From and after
the date of issuance of the Series A-1 Preferred Shares in exchange for the
Series A Preferred Shares, all references contained in Amendment No. 2 to the
Partnership Agreement to the Series A Preferred Shares shall be deemed to refer
to the Series A-1 Preferred Shares.

     8. Additional Documents and Actions. The General Partner is expressly
authorized on behalf of the Partnership to (i) execute and deliver all such
other instruments, assignments, affidavits, notices, agreements, consents,
certificates and other documents, and (ii) take all such further and other
actions as the General Partner shall deem necessary, advisable or appropriate to
carry out the transactions contemplated in this Amendment No. 3.

     9. Construction; Limited Partnership Agreement. Consistent with Section
6.3(b) of the Partnership Agreement, it is intended that the economic interests
of the Series B Preferred Interest shall be substantially similar to the Series
B Preferred Shares, and this Amendment No. 3 shall be construed as reasonably
required with respect to the preferences and rights of the Series B Preferred
Interest to give effect to such intent. Except as expressly provided herein or
as so reasonably required to give effect to the provisions hereof, the terms of
the Partnership Agreement shall remain in full force and effect and are hereby
ratified and confirmed.

     IN WITNESS WHEREOF, the General Partners and the Limited Partners have
executed this Amendment No. 3 effective as of the date first set forth above.

GENERAL PARTNER:                            LIMITED PARTNERS:

Glimcher Properties Corporation             Glimcher Realty Trust

By: /s/ George A. Schmidt                   By: /s/ George A. Schmidt
    --------------------------                  ---------------------------
Title: Sr. V.P., Gen. Counsel               Title: Sr. V.P., Gen. Counsel &
Sec'y.                                             & Secretary

                                            All Other Limited Partners

                                            By: Glimcher Properties
                                                Corporation, pursuant to
                                                power of attorney set forth
                                                in Section 16 of the Partnership
                                                Agreement

                                            By: /s/ George A. Schmidt
                                                ----------------------------
                                            Title: Sr. V.P., Gen. Counsel &
                                                   Sec'y
Exhibits
Exhibit A - Form of Certificate of Preferred Limited Partner Interest

                                       4
<PAGE>

                                    Exhibit A

                                    [Form of]

                                   CERTIFICATE
                                       OF
                          UNITS OF SERIES ___ PREFERRED
                            LIMITED PARTNER INTEREST
                                       IN
                     GLIMCHER PROPERTIES LIMITED PARTNERSHIP

Certificate No.: ___                                          No. of Units: ____

     Glimcher Properties Corporation, as General Partner of Glimcher Properties
Limited Partnership, a Delaware limited partnership (the "Company"), hereby
certifies that Glimcher Realty Trust is the registered owner of _________ (___)
Units of Series ___ Preferred Limited Partner Interest in the Company. The
rights, preferences and limitations of the Units are set forth in (i) the
Company's Limited Partnership Agreement dated November 30, 1993, as previously
amended, (ii) Amendment No. 2 to Limited Partnership Agreement dated as of
November 26, 1996 and (iii) Amendment No. 3 to Limited Partnership Agreement
dated as of November __, 1997 (collectively, the "Agreement"), copies of which
are on file at the Company's principal office at 20 South Third Street,
Columbus, Ohio 43215.

     This Certificate and the Units evidenced hereby are not transferable except
in accordance with the terms of the Agreement and applicable federal and state
securities laws.

                                           Glimcher Properties Corporation,
                                           General Partner

Dated:         , 1997                      By:
                                              ---------------------------
                                           Its:
                                              ---------------------------

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 AND, ACCORDINGLY, MAY NOT BE OFFERED FOR SALE, SOLD,
ASSIGNED, OR OTHERWISE TRANSFERRED EXCEPT (i) UPON EFFECTIVE REGISTRATION OF THE
SECURITIES REPRESENTED HEREBY UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE
STATE SECURITIES LAWS, OR (ii) UPON ACCEPTANCE BY THE ISSUER OF AN OPINION OF
COUNSEL IN SUCH FORM AND BY SUCH COUNSEL OR OF OTHER DOCUMENTATION SATISFACTORY
TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED.

                                       5EXHIBIT 10.119

                                 AMENDMENT NO. 4
                                       TO
                          LIMITED PARTNERSHIP AGREEMENT
                                       OF
                     GLIMCHER PROPERTIES LIMITED PARTNERSHIP

     This Amendment No. 4 is made effective as of December 4, 1997 by the
General Partner and the Limited Partners of Glimcher Properties Limited
Partnership, a Delaware limited partnership (the "Partnership").

                                    Recitals
                                    --------

     1. The Partnership was organized pursuant to a Limited Partnership
Agreement dated as of November 30, 1993, as previously amended (the "Partnership
Agreement"). In furtherance of its business and purpose the Partnership and
Glimcher Realty Trust (the "Trust") have entered into a Securities Purchase
Agreement dated as of December 4, 1997 (the "SPA") with Partnership Acquisition
Trust II, a Delaware business trust ("Purchaser"). Capitalized terms not
otherwise defined herein or in the Partnership Agreement shall have the meanings
ascribed to them in the SPA.

     2. Pursuant to the SPA, Purchaser has agreed to purchase Series C Preferred
Shares of the Trust, having an aggregate initial Liquidation Preference not to
exceed $56,000,000, for the purposes and upon the terms and conditions set forth
therein, with the proceeds from such series to be contributed (i) by the Trust
to the Partnership in exchange for a series of Preferred Interest in the
Partnership, (ii) by the Partnership to the GRT LLC in exchange for a preferred
interest therein, and (iii) by the GRT LLC to the Property Level LLC in exchange
for a preferred interest therein.

     3. Pursuant to Section 6.3(b) of the Partnership Agreement, upon
contribution to the Partnership by the Trust of the proceeds from the issuance
of Preferred Shares of beneficial interest in the Trust, the Partnership shall
issue to the Trust an interest in the Partnership having designations,
preferences and rights such that the economic interests thereof are
substantially similar to the Preferred Shares.

     4. Pursuant to Section 18.2(iii) of the Partnership Agreement, the General
Partner has the power, without the consent of the Limited Partners, to amend the
Partnership Agreement with respect to the issuance of additional Partnership
Interests such a those contemplated herein.

     5. Pursuant to Section 16 of the Partnership Agreement, the General Partner
has been appointed as attorney-in-fact by each of the Limited Partners for
purposes, inter alia, of effecting amendments to the Partnership Agreement
adopted in accordance with Section 18.

<PAGE>

                                    Amendment
                                    ---------

     NOW, THEREFORE, the Partnership Agreement is hereby amended as set forth in
this Amendment No. 4.

1.   Creation and Issuance of Preferred Interest.

     (a) Upon the issuance by the Trust pursuant to the SPA of the Series C
Preferred Shares, the Partnership is authorized, through the sole action of the
General Partner on its behalf, to create, designate and issue units ("Units") of
non-voting preferred limited partner interest (the "Series C Preferred
Interest") having the same rate of return and other terms as designated in the
Articles Supplementary creating the Series C Preferred Shares; provided, that
the aggregate Preferred Contribution (as defined below) of the Series C
Preferred Interest issued pursuant to this Amendment No. 4 shall not exceed
$56,000,000. Units of Series C preferred Interest shall be evidenced by a
Certificate of Series C Preferred Limited Partner Interest in the form attached
as Exhibit A.

     (b) There is hereby created and designated a series of Preferred Interest
known as the Series C Preferred Interest, consisting of 56,000 Units which shall
correspond to 56,000 shares of Series C Convertible Preferred Shares (the
"Series C Preferred Shares"). On the date hereof 56,000 Units of Series C
Preferred Interest are hereby issued to the Trust contemporaneously with 56,000
Series C Preferred Shares being issued pursuant to the SPA.

2.   Preferred Contribution; Preferred Return.

     (a) Simultaneously with the sale of Series C Preferred Shares under the
SPA, the Trust shall contribute an amount equal to the gross proceeds of such
sale (the "Preferred Contribution") to the Partnership in consideration of the
issuance of the Series C Preferred Interest.

     (b) The Trust shall be entitled to receive, and the Partnership shall pay,
a return (the "Series C Preferred Return") on each Unit of Series C Preferred
Interest equal to the return applicable to each share of Series C Preferred
Shares under the Articles Supplementary. To the extent that any Series C
Preferred Return is not paid when due, the same shall accrue and compound on the
same terms and conditions as dividends on the Series C Preferred Shares accrue
and compound under the Articles Supplementary. The Series C Preferred Return
shall be due in the same amounts on the same date as dividends on the Series C
Preferred Shares are due under the Articles Supplementary. For purposes hereof,
no effect shall be given to (i) the fact that Series C Preferred Shares may have
been canceled (except through conversion as provided in Section 6 below) or (ii)
any amendment or modification of the Articles Supplementary.

3.   Application of Preferred Contribution. The gross amount of Preferred
Contribution received in respect of the Series C Preferred Interest shall be
contributed by the Partnership to the GRT LLC in exchange for a preferred
interest therein, and the Partnership shall cause the GRT LLC in turn directly
or indirectly to contribute such amount to the Property Level LLC in exchange
for a preferred interest therein.

                                       2
<PAGE>

4. Capital Account; Allocations. A separate Capital Account shall be established
and maintained with respect to the Series C Preferred Interest, with adjustments
thereto and other allocations of Partnership items made consistent with the
Regulations and the advice of the Partnership's independent accountants.

5. Distributions.

     (a) Notwithstanding any provision of the Partnership Agreement, (i) any
cash received by the Partnership as a distribution from the GRT LLC which was
received by such GRT LLC from the Property Level LLC as a distribution of Net
Cash Flow from Operations (as defined in the Operating Agreement of the Property
Level LLC) shall be applied when received to the payment of any amounts due and
owing on account of the Preferred Return with respect to the Series C Preferred
Interest, and (ii) any cash (or Series C Preferred Shares) received by the
Partnership as a distribution from the GRT LLC which was received by the GRT LLC
from the Property Level LLC as a distribution of Proceeds from Capital
Transactions (as defined in the Operating Agreement of such Property Level LLC),
or following termination and liquidation of such Property level LLC, shall be
applied when received to the return of the Preferred Contribution, together with
any accrued and unpaid Preferred Return, with respect to the Series C Preferred
Interest. Each Series C Preferred Share distribution hereunder shall be deemed
to have a fair market value equal to its Liquidation Preference plus accrued and
unpaid dividends as determined pursuant to the Articles Supplementary.

     (b) In the event any amount received by the Partnership from the GRT LLC as
Cash Flow from Operations or Proceeds from Capital Transactions and
distributable to the holder of any Series C Preferred Interest pursuant to
Section 5.1(a) is less than the amount then required to be paid by the Trust to
the holder of the Series C Preferred Shares, an amount equal to such deficiency
shall be distributed to the holder of such Series C Preferred Interest prior to
any distributions to Partners pursuant to Article 8 of the Partnership
Agreement.

     (c) In the event of liquidation and dissolution of the Partnership, the
holder of any Series C Preferred Interest then outstanding shall be entitled to
receive, prior to distributions to Partners pursuant to Section 15.2 of the
Partnership Agreement, an amount equal to the Liquidation Preference plus
accrued and unpaid dividends which would be payable under the Articles
Supplementary to the holder of an equal amount of Series C Preferred Shares if
on the date of dissolution of the Partnership the Trust were to dissolve and
liquidate.

     (d) Except as expressly provided herein, the holders of Series C Preferred
Interests shall not be entitled to participate in any other distributions made
by the Partnership pursuant to Section 8, Section 15 or otherwise under the
Partnership Agreement.

6. Conversion Rights and Other Terms.

     (a) Pursuant to Section 6.3(b) of the Partnership Agreement, in the event
all or any portion of the Series C Preferred Shares are converted into Common
Shares of the Trust pursuant to the terms of the Series C Preferred Shares, an
equal portion of the Series C Preferred Interest shall be converted into O.P.
Units on the same basis as the Series C Preferred Shares are converted into
Common Shares, sand such Series C Preferred Interest shall to such extent be
permanently retired and canceled for all purposes.

                                       3
<PAGE>

     (b) In the event of any redemption by the Trust of all or any portion of
the Series C Preferred Shares pursuant to the Articles Supplementary, an equal
portion of Series C Preferred Interest shall be redeemed on the same basis as
such Series C Preferred Shares and permanently retired and canceled for all
purposes.

     (c) Upon any other return to the Trust or other holder of Series C
Preferred Interest of the Preferred Contribution with respect to all or any
portion of such Series C Preferred Interest (whether in cash or Series C
Preferred Shares), together with payment of any accrued and unpaid Preferred
Return applicable thereto, such Series C Preferred Interest shall to such extent
be permanently retired and canceled for all purposes.

7. Collateral Assignment of Preferred Interest. It is acknowledged and agreed
that the Series C Preferred Interest will be pledged to the purchaser of the
Series C Preferred Shares pursuant to a Collateral Assignment of Preferred
Partnership Interest (the "Collateral Assignment") for the purpose of securing
certain obligations of the Trust under the SPA.

8. Investment Representations; Transfer Restrictions.

     (a) The Trust represents and warrants to the Partnership that (i) it is
acquiring the Series C Preferred Interest for its own account for investment and
not with a view towards the resale, transfer or distribution thereof, nor with
any present intention of distributing the Series C Preferred Interest, (ii) it
is an "accredited investor" as defined in Rule 501(a) of Regulation D under the
Securities Act, and (iii) it understands that the issuance of the Series C
Preferred Interest is intended to be exempt from registration under the
Securities Act by virtue of Section 4(2) thereof and Rule 506 thereunder, and
that the Series C Preferred Interest will be "restricted securities" as defined
in Rule 144 under the Securities Act.

     (b) The Trust covenants that it will not sell or otherwise transfer the
Series C Preferred Interest (or any interest therein) except pursuant to (i) the
Collateral Assignment, or (ii) an effective registration under the Securities
Act or in a transaction which, in the opinion of counsel in such form and by
such counsel satisfactory to the Partnership, qualifies as an exempt transaction
under the Securities Act and the rules and regulations promulgated thereunder.

     (c) The certificates evidencing Units of Series C Preferred Interest shall
bear an appropriate legend reflecting the foregoing restrictions on transfer of
the Series C Preferred Interest.

9. Additional Documents and Actions. The General Partner is expressly authorized
on behalf of the Partnership to (i) execute and deliver all such other
instruments, assignments, affidavits, notices, agreements, consents,
certificates and other documents, and (ii) take all such further and other
actions, as the General Partners shall deem necessary, advisable or appropriate
to carry out the transactions contemplated in this Amendment No. 4.

10. Construction; Limited Partnership Agreement. Consistent with Section 6.3(b)
of the Partnership Agreement, it is intended that the economic interests of the
Series C Preferred Interest shall be substantially similar to the Series C
Preferred Shares, and this Amendment No. 4 shall be construed as reasonably
required with respect to the preferences and rights of the Series C Preferred
Interest to give effect to such intent. Except as expressly provided herein or
as so reasonably required to give effect to the provision thereof, the terms of
the Partnership Agreement shall remain in full force and effect and are hereby
ratified and confirmed.

                                       4
<PAGE>

     IN WITNESS WHEREOF, the General Partner and the Limited Partners have
executed this Amendment No. 4 effective as of the date first set forth above.

GENERAL PARTNER:                      LIMITED PARTNERS:
---------------                       ----------------

Glimcher Properties Corporation       Glimcher Realty Trust

By: /s/ George A. Schmidt             By: /s/ George A. Schmidt
    -----------------------              ----------------------------
        George A. Schmidt                    George A. Schmidt
Title:  Senior Vice President         Title: Senior Vice President

                                      All Other Limited Partners:

                                 By:  Glimcher Properties Corporation,
                                      Pursuant to power of attorney set forth in
                                      Section 16 of the Partnership Agreement

                                      By: /s/ George A. Schmidt
                                         ----------------------------
                                              George A. Schmidt
                                      Title:  Senior Vice President

                                       5
<PAGE>

                                    Exhibit A

                                   CERTICIATE
                                       OF
                           UNITS OF SERIES C PREFERRED
                            LIMITED PARTNER INTEREST
                                       IN
                     GLIMCHER PROPERTIES LIMITED PARTNERSHIP

Certificate No: 1                                           No. of Units: 56,000

     Glimcher Properties Corporation, as General Partner of Glimcher Properties
Limited Partnership, a Delaware limited partnership (the "Company"), hereby
certifies that Glimcher Realty Trust is the registered owner of Fifty-Six
Thousand (56,000) Units of Series C Preferred Limited Partner Interest in the
Company. The rights, preferences and limitations of the Units are set forth in
(i) the Company's Limited Partnership Agreement dated November 30, 1993, as
previously amended, and (ii) Amendment No. 4 to Limited Partnership Agreement
dated as of December 4, 1997, (collectively, the "Agreement"), copies of which
are on file at the Company's principal office at 20 South Third Street,
Columbus, Ohio 43215.

     This Certificate and the Units evidenced hereby are not transferable except
in accordance with the terms of the Agreement and applicable federal and state
securities laws.

                                        Glimcher Properties Corporation,
                                        General Partner

Dated:  December 4, 1997                By:
                                           ------------------------------------

                                        Its:
                                           ------------------------------------

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 AND, ACCORDINGLY, MAY NOT BE OFFERED FOR SALE, SOLD,
ASSIGNED, OR OTHERWISE TRANSFERRED EXCEPT (i) UPON EFFECTIVE REGISTRATION OF THE
SECURITIES REPRESENTED HEREBY UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE
STATE SECURITIES LAWS, OF (ii) UPON ACCEPTANCE BY THE ISSUER OF AN OPINION OF
COUNSEL IN SUCH FORM AND BY SUCH COUNSEL OR OF OTHER DOCUMENTATION SATISFACTORY
TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED.

                                       6

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