Glimcher and Blackstone affiliate to acquire Pearlridge Center
Honolulu Columbus, Ohio-based Glimcher Realty Trust said that it has entered into an agreement along with an affiliate of Blackstone Real Estate Advisors to purchase Pearlridge Center in Honolulu for $245 million.
The transaction is anticipated to close in fourth quarter 2010. Pearlridge will be acquired by a joint venture that is owned 80% by an affiliate of Blackstone Real Estate Advisors and 20% by an affiliate of Glimcher.
Glimcher will lease and manage the property.
“Pearlridge Center is a highly productive and well-occupied mall that fits perfectly within our strategy of upgrading the quality of our real estate portfolio,” said Michael P. Glimcher, chairman of the board and CEO.
Pearlridge is the second largest mall in Hawaii with a total leasable area of over 1.0 million sq. ft. It is 99% occupied.
Elder-Beerman in Centerville, Ohio, to shutter
York, Pa. The Bon-Ton Stores announced that it will close its 191,000-Sq.-ft. Elder-Beerman store in Centerville Place in Centerville, Ohio. The location is scheduled to close by late January 2011.
Bud Bergren, president and CEO, commented, “The company continually reviews the performance of its assets; as a result of a review of the Centerville location and its proximity to our Dayton Mall store, we made the decision to close this location. We will continue to provide great service and an outstanding merchandise assortment to our Dayton-area shoppers at our remaining six Elder-Beerman stores.”
New supermarket has rustic design
New York City Pequot Lakes Supervalu has opened in the heart of Minnesota’s lake country. The new supermarket features a rustic design modeled after the area’s numerous vacation cottages and wilderness homes. Designed by Supervalu Store Design Services, the 30,000-sq.-ft. supermarket is outfitted with authentic cabin decor, including split log signage, stacked stone pillars, deer antler chandeliers and even hanging canoes that once belonged to a local resort.
To make the store especially relevant to the Pequot Lakes community, the interior walls are lined with photos of outdoor recreation in the region, each aisle directory is named after a nearby lake and bulletin boards in the dining area give anglers an opportunity to show off their latest catch.
Although Pequot Lakes flies the Supervalu banner, it is actually owned by an independent grocer supplied by Supervalu’s wholesale division.