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.
New outlet property to be developed in coastal Texas
Corpus Christi, Texas — Dolphin Ventures and EWB Development announced that they will develop The Outlets at Corpus Christi Bay, located in Corpus Christi, Texas.
The project will be a partnership with the Lockard Cos.
Phase one, slated to contain 281,526 sq. ft., is targeted for a late 2013 opening.
“This center will fill a void in the Texas market and is one of the very last major tourist destinations in the U.S. without an outlet center,” said Lisa Quier Wagner of Dolphin Ventures and EWB Development.
The team’s shared goal is to create an outlet project in an under-served market that is appealing, inviting, and will excite the consumer by providing brands in a desirable environment.
Marcus & Millichap names senior directors
San Diego — Marcus & Millichap Real Estate Investment Services said it has named Phil Sambazis senior director of the firm’s National Retail Group in San Diego. Sambazis joined Marcus & Millichap in March 2006 and specializes in the acquisition and disposition of retail shopping centers and net-leased investments.
Marcus & Millichap has also named Kevin W. Boeve senior director of the firm’s National Retail Group in Ontario. Boeve joined Marcus & Millichap in June 1999.
And the company named Barry M. Wolfe senior director of the firm’s National Retail Group in Fort Lauderdale, Fla. Wolfe joined Marcus & Millichap in April 2001.