Blackstone Group LP agreed to buy a shopping mall in Hawaii with Glimcher Realty Trust and a stake in a warehouse venture with ProLogis for a combined $859 million, said two people with knowledge of the deals.
Blackstone is buying the Pearlridge Center on Oahu with Columbus, Ohio-based Glimcher for $242 million, the people said. The private equity firm also agreed to buy Eaton Vance Corp.’s 80 percent stake in a joint venture with ProLogis, the world’s biggest warehouse owner, for $105 million plus $512 million in assumed debt, according to the people, who declined to be identified because they weren’t authorized to speak publicly.
Industrial landlords are struggling to fill space and maintain rents after the U.S. recession, while Blackstone and Glimcher have been looking for retail acquisitions since they formed a partnership in March.
“We are actively looking for quality transactions with Blackstone but we don’t have any transactions to report at this time,” Lisa Indest, senior vice president for finance and accounting at Glimcher, said yesterday in a telephone interview.
Jean Towell, a spokeswoman for Northwestern Mutual Life Insurance Co., which is selling the Oahu property, confirmed the transaction with Blackstone. She said she couldn’t confirm the price.
“We’re certainly selling the property,” Towell said. “It’s part of our active portfolio management for our real estate.”
Peter Rose, a spokesman for New York-based Blackstone, and Robyn Tice, a spokeswoman for Eaton Vance, declined to comment. Krista Shepard, a spokeswoman for ProLogis, said the company’s policy is not to comment on market speculation.
The deals were reported earlier yesterday by the Wall Street Journal.