Glimcher and Blackstone affiliate to acquire Pearlridge Center

Honolulu Columbus, Ohio-based Glimcher Realty Trust said that it has entered into an agreement along with an affiliate of Blackstone Real Estate Advisors to purchase Pearlridge Center in Honolulu for $245 million.

The transaction is anticipated to close in fourth quarter 2010. Pearlridge will be acquired by a joint venture that is owned 80% by an affiliate of Blackstone Real Estate Advisors and 20% by an affiliate of Glimcher.

Glimcher will lease and manage the property.

“Pearlridge Center is a highly productive and well-occupied mall that fits perfectly within our strategy of upgrading the quality of our real estate portfolio,” said Michael P. Glimcher, chairman of the board and CEO.

Pearlridge is the second largest mall in Hawaii with a total leasable area of over 1.0 million sq. ft. It is 99% occupied.