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HONOLULU, CA-Glimcher Realty Trust plans to purchase the 80% indirect ownership interest in Pearlridge Center in Honolulu for $289.4 million from affiliates of Blackstone Real Estate Partners VI. The purchase price for this ownership interest includes 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.
The company 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, according to a prepared statement. The transaction is expected to close during the second quarter of 2012 and is subject to customary closing conditions.
“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,” explains Michael Glimcher, chairman and CEO, in a prepared 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.”
Pearlridge was acquired in 2010 by a joint venture that is owned 80% by an affiliate of Blackstone and 20% by an affiliate of Glimcher. Pearlridge is the second largest mall in Hawaii with a total leasable area of over 1.0 million square feet. The property has in-line tenant sales of nearly $500 per square foot and an occupancy rate of more than 99%.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
