In a bid to "test the market," First Allied President Ed Glazer says his firm is putting 37 of its 55 properties up for sale as a single portfolio. Atlanta-based Eastdil will represent the Beverly Hills, Calif.-based real estate company. "It's foolish not to put a 'for sale' sign on your property if the house next door just sold for six times what you paid not that long ago," said Glazer in an interview at the ICSC Spring Convention today. "If the market knocks our socks off," he said, "we'll sell. If not, we will keep doing what we've been doing."

That means collecting well-located, top-quality properties. Average homeowner salaries within five miles of the properties for sale top $100,000.

Only cash offers will be considered.

The properties, which officially go on the market next week, include 14 in Texas, five in the Atlanta area and seven in metropolitan Washington, D.C. First Allied is known for buying top-class properties and holding them, which makes this offer a surprise.

"We're not motivated sellers," said Glazer. "But there's a lot of money that needs to be invested, and if we get an outstanding price, we'll sell."

As for potential buyers: "Who knows?" asks Glazer. "There are a limited few who could acquire the whole portfolio, but that includes some guys you never heard of." He noted that Australian investors are seeking U.S. properties. "It could be the person you least expect," he said.