{"id":1004053029,"date":"2012-04-06T08:36:43","date_gmt":"2012-04-06T16:36:43","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=42644"},"modified":"2022-12-08T06:28:21","modified_gmt":"2022-12-08T14:28:21","slug":"glimcher-purchases-blackstons-interest-in-pearlridge-mall","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/glimcher-purchases-blackstons-interest-in-pearlridge-mall\/","title":{"rendered":"Glimcher Purchases Blackston\u2019s Interest in Pearlridge Mall"},"content":{"rendered":"

\"\"<\/a>by Adriana Pop, Associate Editor<\/p>\n

Glimcher Realty Trust is purchasing an 80 percent\u00a0indirect ownership interest in Pearlridge Center, the second largest shopping mall in Hawaii.<\/p>\n

Glimcher\u00a0is\u00a0using a recent common stock offering, and possibly funds from its credit facility, to finance the\u00a0purchase from affiliates of Blackstone Real Estate Partners VI. The purchase price will be about $289.4 million, including Blackstone\u2019s pro-rata share of the $175 million mortgage debt, the company said in a recent statement.<\/p>\n

\u201cWe are excited to increase our ownership in Pearlridge Center, a high-quality mall that we already know well and currently manage,\u201d stated Michael P. Glimcher, chairman of the Board and CEO. \u201cWith 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,\u201d he added.<\/p>\n

Glimcher announced that it has completed a public offering of 23 million shares of common stock at a price of $9.90 per share, with net proceeds of approximately $218 million. The offering included 3,000,000 common shares issued and sold upon the exercise of the underwriters\u2019 option to purchase additional stock.<\/p>\n

In 2010, an affiliate of Glimcher and an affiliate of Blackstone acquired the Pearlridge Center for $245 million. Under the joint venture, Blackstone\u2019s affiliate purchased 80 percent of the Aiea mall, while the Columbus, Ohio-based retail real estate investment trust acquired the remainder 20 percent.<\/p>\n

Pearlridge Center features over 1.1 million square feet of national retailers, specialty shops, retail merchandising units and a movie theater. The property has in-line tenant sales of nearly $500 per square foot and an occupancy rate of more than 99 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

by Adriana Pop, Associate Editor Glimcher Realty Trust is purchasing an 80 percent\u00a0indirect ownership interest in Pearlridge Center, the second largest shopping mall in Hawaii. Glimcher\u00a0is\u00a0using a recent common stock offering, and possibly funds from its credit facility, to finance the\u00a0purchase from affiliates of Blackstone Real Estate Partners VI. The purchase price will be about […]<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1588,21742,21749],"tags":[],"class_list":["post-1004053029","post","type-post","status-publish","format-standard","hentry","category-brokerage","category-honolulu","category-latest","category-retail"],"acf":[],"yoast_head":"\nGlimcher Purchases Blackston\u2019s Interest in Pearlridge Mall - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/glimcher-purchases-blackstons-interest-in-pearlridge-mall\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Glimcher Purchases Blackston\u2019s Interest in Pearlridge Mall\" \/>\n<meta property=\"og:description\" content=\"by Adriana Pop, Associate Editor Glimcher Realty Trust is purchasing an 80 percent\u00a0indirect ownership interest in Pearlridge Center, the second largest shopping mall in Hawaii. Glimcher\u00a0is\u00a0using a recent common stock offering, and possibly funds from its credit facility, to finance the\u00a0purchase from affiliates of Blackstone Real Estate Partners VI. 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