EXHIBIT 10.25


                         COMPLETION AND PAYMENT GUARANTY
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     THIS COMPLETION AND PAYMENT GUARANTY (as the same may from time to time
hereafter be modified, supplemented or amended, the "Guaranty") is made as of
November 30, 2007 by GLIMCHER PROPERTIES LIMITED PARTNERSHIP, a Delaware limited
partnership ("Guarantor"), in favor of KEYBANK NATIONAL ASSOCIATION, a national
banking association, having a principal place of business and post office
address at 127 Public Square, Cleveland, Ohio 44114, in its capacity as
Administrative Agent (the "Administrative Agent") on behalf of and for the
benefit of the Lenders (as such term is defined in the Loan Agreement), together
with each of their respective successors and assigns.

                                    RECITALS:
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     A. The Lenders have agreed to make a construction, acquisition and interim
loan (the "Loan") in the original principal sum of Two Hundred Twenty Million
and No/100 Dollars ($220,000,000.00) (the "Loan Amount") to KIERLAND CROSSING,
LLC, a Delaware limited liability company ("Borrower"). The Loan is evidenced by
one or more Notes of even date herewith made by Borrower to the order of Lenders
in the original principal sum of Two Hundred Twenty Million and No/100 Dollars
($220,000,000.00) (as the same may from time to time hereafter be modified,
amended, supplemented, extended or consolidated in writing, and any note(s)
issued in exchange therefor or replacement thereof, collectively, the "Notes")
or so much thereof as shall be advanced from time to time under the terms of the
Loan Agreement, as that term is hereinafter defined. The Notes bear interest at
the rate and are payable in the manner provided therein.

     B. The Loan is secured by a Leasehold Deed of Trust, Assignment of Rents,
Security Agreement and Fixture Filing of even date herewith (the "Deed of
Trust") on Borrower's leasehold interest in certain real property located in
Maricopa County, Arizona, together with all existing improvements constructed
thereon, said property being more particularly described in said Deed of Trust
(the "Premises"), and an Assignment of Leases and Rents of even date herewith
(the "Assignment") (the Notes, this Guaranty, that certain Construction,
Acquisition and Interim Loan Agreement of even date herewith between Borrower,
Administrative Agent and Lenders (the "Loan Agreement"), the Deed of Trust, the
Assignment and all other instruments or agreements by which the Loan is secured
or evidenced are hereinafter collectively referred to as the "Loan Documents").
Capitalized terms used herein and not otherwise defined shall have the meanings
given to them in the Loan Agreement.

     C. It is a condition of Lenders' agreement to make the Loan that Guarantor
enter into this Guaranty.

     D. Guarantor will derive material financial benefit from the Loan evidenced
and secured by the Notes, the Deed of Trust and the other Loan Documents.

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     E. Lenders have relied on the statements and agreements contained herein in
agreeing to make the Loan. The execution and delivery of this Guaranty by
Guarantor is a condition precedent to the making of the Loan by Lenders.

     NOW, THEREFORE, in order to induce the Lenders to make the Loan to Borrower
and to accept the Guaranty from Guarantor, Guarantor intending to be legally
bound, hereby makes the following representations and warranties to the
Administrative Agent, on behalf of the Lenders, and hereby covenants and agrees
with Administrative Agent, in its capacity as agent for the Lenders, as follows:

1.    Guarantor, absolutely, unconditionally, and irrevocably guarantees:

     (a)   the full, complete and punctual observance, performance, payment and
          satisfaction of all of the obligations, duties, covenants and
          agreements of Borrower under the Loan Agreement and the other Loan
          Documents with respect to the Construction and the completion of the
          Improvements free of any claim for mechanics', materialmen's or any
          other liens, to the extent provided for therein, and in accordance
          with (1) all Laws, (2) the Plans and Specifications and (3) the time
          periods and other requirements set forth in the Loan Documents,
          including, without limitation, the following:

               (1) To perform, complete and pay for (or cause to be performed,
               completed and paid for) the Construction and to pay all costs of
               said Construction (including any and all cost overruns) and all
               other costs associated with the Project (including, without
               limitation, the costs of any architects' and engineers' fees)
               through final completion, if Borrower shall fail to perform,
               complete or pay for such work, including any sums expended in
               excess of the amount of indebtedness incurred by Borrower under
               the Loan Agreement or with respect to the Loan, whether or not
               the Construction is actually completed;

               (2) If Administrative Agent, on behalf of the Lenders, exercises
               its right under Section 16.2(a) of the Loan Agreement to take
               possession of the Project and complete the Construction, to
               reimburse Administrative Agent for all reasonable costs and
               expenses incurred by Administrative Agent in excess of the
               applicable Budget Line Items therefor (if any) in so taking
               possession of the Project and completing the Construction in
               accordance with the Plans and Specifications; and

               (3) To pay the premiums for all policies of insurance required to
               be furnished by Borrower pursuant to the Loan Agreement during
               the Construction if such premiums are not paid by Borrower; and

     (b)   The full, complete and punctual observance, performance and
          satisfaction of all of the obligations, duties, covenants and
          agreements of Borrower under the Loan Documents with respect to the
          Phase III Purchase Agreement and the purchase of the Phase III Retail
           Unit; and


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     (c)   Borrower's obligation to keep the Loan In Balance (as more
          particularly defined and described in Article 9 of the Loan Agreement)
          and the full and prompt payment of all Deficiency Deposits.

     All obligations described in subsections (a), (b) and (c) of this Section 1
are referred to herein as the "Guaranteed Obligations."

2.    In the event of any default by Borrower in performance of the Guaranteed
      Obligations and the expiration of any applicable cure or grace period,
     Guarantor agrees, within thirty (30) days after written demand by
     Administrative Agent (which demand may be made concurrently with notice to
     Borrower that Borrower is in default of its obligations), to perform all
     the Guaranteed Obligations. Administrative Age