HONOLULU-Retail REIT, Glimcher Realty Trust has entered into anagreement along with an affiliate of Blackstone Real EstateAdvisors to purchase Pearlridge Center in Honolulu for $245million. The transaction is anticipated to close in the fourthquarter of 2010.
Pearlridge will be acquired by a joint venture that is owned 80%by an affiliate of Blackstone Real Estate Advisors and 20% by anaffiliate of Glimcher. Glimcher will lease and manage theproperty.
Pearlridge is the second largest mall in Hawaii with a totalleasable area of more than 1 million square feet. Pearlridge wasbuilt in 1972 and underwent extensive renovations in 1995 and 1996.Pearlridge is located in the community of Aiea, in the HonoluluMSA. The Property has in-line tenant sales of approximately $500per square foot and an occupancy rate of 99%.
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