Glimcher Realty Trust plans to purchase the 80 percent indirect ownership interest in 1-million-sq.-ft. Pearlridge Center in Honolulu, Hawaii from affiliates of Blackstone Real Estate Partners VI.

The purchase price for this ownership interest will be approximately $289.4 million including Blackstone’s pro-rata share of the $175 million mortgage debt currently encumbering the property, resulting in a cash purchase price for Blackstone’s interest of approximately $149.4 million. Glimcher and Blackstone acquired the property in 2010 for $245 million, funded in part by proceeds from the $175 million loan.

Pearlridge is the second largest mall in Hawaii with a total leasable area of over 1.0 million square feet. Pearlridge was built in 1972 and underwent extensive renovations in 1995 and 1996. The property has in-line tenant sales of nearly $500 per square foot and an occupancy rate of more than 99 percent.

“We are excited to increase our ownership in Pearlridge Center, a high quality mall that we already know well and currently manage,” Glimcher Chairmand and CEO Michael P. Glimcher said in a statement. “With sales of nearly $500 per square foot and a dynamic growth profile, this strategic investment is consistent with our goal of enhancing the quality of our real estate portfolio.”

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 transaction is expected to close during the second quarter of 2012 and is subject to customary closing conditions.

In a separate announcement, the firm said it plans to sell 17.5 million common shares pursuant to its effective shelf registration statement previously filed with the SEC. The underwriters will be granted a 30-day option to purchase up to an additional 2.625 million shares of common stock.