Glimcher to acquire partner interest in Pearlridge Center

Honolulu -- Columbus, Ohio-based Glimcher Realty Trust announced plans to acquire 80% indirect ownership interest in Pearlridge Center, located in Honolulu, for about $290 million from partner Blackstone Real Estate Partners.

“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,” said Michael Glimcher, chairman and CEO, Glimcher.

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.

The transaction is expected to close during second quarter 2012.