Glimcher Realty Trust, who currently owns 20 percent of Pearlridge Shopping Center on Oahu, has announced that they will be buying the remaining 80 percent from Blackstone Group LP. The remaining 80 percent will be sold to Glimcher Realty Trust for $289.4 million. Board chairman and CEO for Glimcher, Michael Glimcher, stated, “We are excited to increase our ownership in Pearlridge Center, a high quality mall that we already know well and currently manage. 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.”
Colliers International’s director of consulting and research, Mike Hamasu, commented, “There are factors that contribute to why Glimcher might want to acquire it at that price. They might view that there are opportunities for redevelopment. Maybe they feel that the economy’s improving and ultimately the market dynamics for the mall will appreciate or they may have tenants that are interested in paying higher rents if they decide to re-tenant.”
Source: Honolulu Star Advertiser, 3-22-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor
Global Executive Realty, LLC
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