133
HONOLULU — Glimcher Realty Trust has entered into an agreement with an affiliate of Blackstone Real Estate Advisors to purchase the Pearlridge Center in Honolulu for $245 million. Built in 1972 and renovated extensively in 1995-1996, Pearlridge is the second largest mall in Hawaii with a total rentable area exceeding 1 million square feet. Located in the community of Aiea within the Honolulu metro area, the property boasts an occupancy rate of 99 percent. The joint venture, which will consist of an 80 percent ownership share by the Blackstone Real Estate Advisors affiliate and 20 percent by the Glimcher affiliate, anticipates closing on the property in fourth quarter 2010. Glimcher will lease and manage the property.