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.
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