Pearlridge ownership changes
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Glimcher Realty Trust’s $289.4 million purchase of the remaining 80 percent of Pearlridge Center includes the Uptown, above, and Downtown parts of the mall, as well as buildings that house other retailers and office space.
The owner of Pearlridge Center has entered a joint venture for ownership and operation of the mall.
WP Glimcher, owner of Pearlridge and four other U.S. shopping malls, announced its joint venture with O’Connor Mall Partners, L.P. Thursday morning.
In the deal valued at its $1.625 billion, Glimcher will retain 51 percent interest, while O’Connor will assume 49 percent interest in the malls including Pearlridge, The Mall at Johnson City in Johnson City, Tenn.; Polaris Fashion Place in Columbus, Ohio; Scottsdale Quarter in Scottsdale, Arizona; and Town Center Plaza and the adjacent Town Center Crossing in Leawood, Kansas.
Glimcher will continue to lease and manage the properties, according to an announcement..
