Honolulu — Transaction expected to close by second quarter.
Pearlridge Center is the second largest mall in Hawaii.Honolulu — Glimcher Realty Trust will purchase an 80 percent indirect ownership interest in Pearlridge Center from affiliates of Blackstone Real Estate Partners VI. The purchase price for the interest will be approximately $289.4 million including Blackstone’s pro-rata share of the property’s $175 million mortgage debt. Glimcher anticipates that the acquisition will be funded through the net proceeds from a public offering of common stock and/or available funds from the company’s credit facility.
The mall has a total leasable area of more than 1 million square feet, in-line tenant sales of approximately $500 per square foot and a 99 percent occupancy rate.