Blackstone and Glimcher Realty buy Pearlridge Shopping Center in Hawaii

Climcher Realty Trust has partnered with Blackstone Real Estate Advisers, and affiliate of Blackstone group, are going to acquire Pearlridge Shopping Center in Hawaii for $245 million.  It is understood that 80% will be controlled by Blackstone Real Estate Advisers and 20% will be owned by Glimcher Realty Trust.

Pearlridge is Hawaii’s second largest mall behind Ala Moana Center, which is owned by General Growth, but it is Hawaii’s largest indoor mall encompassing more than 170 stores, restaurants, and services.  It also has a 16 screen theater and a monorail to connect two sections of the mall.

Just last month, the mall welcomed Bed, Bath and Beyond, it’s first Hawaii location.

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