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Joint venture takes over full ownership of Pearlridge Center

Kristen Consillio

A joint venture has become full owner of Pearlridge Center, purchasing the rest of the property Thursday for $70 million.

Washington Prime Group Inc., based in Ohio, and its partner in the joint venture, O’Connor Mall Partners LP, announced the acquisition of 180,000 square feet of space in the Uptown section, anchored by Ross Dress for Less and TJ Maxx.

Pearlridge is made up of two separate complexes known as Uptown and Downtown. The partners announced in January a $33 million redevelopment of Downtown.

“This transaction results in the complete control of Pearlridge Center under one operator. Gaining control was quite important as we commence with the previously announced redevelopment project,” Lou Conforti, Washington Prime’s CEO and director, said in a news release.

In 2012, an affiliate of Ohio-based Glimcher Realty Trust, which already owned 20 percent of the mall, acquired the rest of the center from affiliates of a real estate fund owned by New York-based Blackstone Group LP for $289.4 million.

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