{"id":1004121027,"date":"2015-06-12T05:38:38","date_gmt":"2015-06-12T13:38:38","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=352606"},"modified":"2022-11-29T17:17:53","modified_gmt":"2022-11-30T01:17:53","slug":"1-6b-buys-interest-in-wp-glimcher-mall-pool-including-hawaiis-second-largest","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/1-6b-buys-interest-in-wp-glimcher-mall-pool-including-hawaiis-second-largest\/","title":{"rendered":"O’Connor Capital Claims Stake in Retail Portfolio"},"content":{"rendered":"

By Adriana Pop, Associate Editor<\/em><\/p>\n

\"\"<\/a>O\u2019Connor Mall Partners L.P., an affiliate of New York-based O\u2019Connor Capital Partners, has paid $1.6 billion to acquire a 49 percent interest in five shopping malls, including the Pearlridge Center in Aiea, Central Oahu.<\/p>\n

he seller, Ohio-based WP Glimcher, retained the majority ownership of a 51 percent interest in the properties, which it will continue to manage.<\/p>\n

Built in 1972, Pearlridge Center features more than 1.1 million square feet of retail space and ranks as Hawaii\u2019s second-largest mall after Ala Moana Center in Honolulu. This high-performing property is anchored by Macy\u2019s and Sears and hosts a multitude of national retailers, specialty shops, retail merchandising units and a movie theater.<\/p>\n

The other four shopping centers that were part of the transaction are all located on the Mainland and include The Mall at Johnson City in Johnson City, Tenn.; Polaris Fashion Place in Columbus, Ohio; Scottsdale Quarter in Scottsdale, Ariz.; and Town Center Plaza (which consists of Town Center Plaza and the adjacent Town Center Crossing) in Leawood, Kan.<\/p>\n

WP Glimcher was represented by Eastdil Secured LLC, with Wachtell, Lipton, Rosen & Katz as legal advisor. Neal, Gerber & Eisenberg LLP is serving as legal advisor to O\u2019Connor.<\/p>\n

Glimcher will use the proceeds from the sale, which amount to about $430 million, to repay a portion of its bridge loan used to finance the purchase of Glimcher Realty Trust, which closed in January. The remaining balance will be repaid with the proceeds from a new five-year, $500 million loan the company expects to obtain during the second quarter of 2015.<\/p>\n

Glimcher Realty Trust purchased a 20 percent stake in Pearlridge Center in 2010, in a joint venture with Blackstone Real Estate Partners. In 2012, the company acquired the remaining 80 percent interest<\/a><\/em> from Blackstone for approximately $289.4 million.<\/p>\n

Photo credit: www.wpglimcher.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

O’Connor Capital Partners has paid a hefty sum to acquire a 49 percent interest in five shopping malls in Hawaii and across the country.<\/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":[1588],"tags":[],"class_list":["post-1004121027","post","type-post","status-publish","format-standard","hentry","category-honolulu"],"acf":[],"yoast_head":"\nO'Connor Capital Claims Stake in Retail Portfolio - 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\/1-6b-buys-interest-in-wp-glimcher-mall-pool-including-hawaiis-second-largest\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"O'Connor Capital Claims Stake in Retail Portfolio\" \/>\n<meta property=\"og:description\" content=\"O'Connor Capital Partners has paid a hefty sum to acquire a 49 percent interest in five shopping malls in Hawaii and across the country.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/1-6b-buys-interest-in-wp-glimcher-mall-pool-including-hawaiis-second-largest\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-12T13:38:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-30T01:17:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/Pearlridge-Center-in-Aiea-Hawaii1.jpg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/1-6b-buys-interest-in-wp-glimcher-mall-pool-including-hawaiis-second-largest\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/1-6b-buys-interest-in-wp-glimcher-mall-pool-including-hawaiis-second-largest\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"O’Connor Capital Claims Stake in Retail Portfolio\",\"datePublished\":\"2015-06-12T13:38:38+00:00\",\"dateModified\":\"2022-11-30T01:17:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/1-6b-buys-interest-in-wp-glimcher-mall-pool-including-hawaiis-second-largest\\\/\"},\"wordCount\":307,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/1-6b-buys-interest-in-wp-glimcher-mall-pool-including-hawaiis-second-largest\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/06\\\/Pearlridge-Center-in-Aiea-Hawaii1.jpg\",\"articleSection\":[\"Honolulu\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/1-6b-buys-interest-in-wp-glimcher-mall-pool-including-hawaiis-second-largest\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/1-6b-buys-interest-in-wp-glimcher-mall-pool-including-hawaiis-second-largest\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/1-6b-buys-interest-in-wp-glimcher-mall-pool-including-hawaiis-second-largest\\\/\",\"name\":\"O'Connor Capital Claims Stake in Retail Portfolio - 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