Washington Prime Group Inc., in partnership with O’Connor Mall Partners, an affiliate of O’Connor Capital Partners, announced the acquisition of an additional section of Pearlridge Center, located at 98-1005 Moanalua Road in Aiea, Hawaii, for $70 million.
Pearlridge Center comprises two enclosed venues, referred to as Uptown and Downtown. The two companies have acquired 180,000 square feet of space in the Uptown section, which is anchored by Ross Dress for Less and TJ Maxx, with a 91 percent occupancy.
O’Connor is the partner in another joint venture that owns the property. The company’s pro rata share of the purchase price is $35.7 million and the joint venture plans to place $40 million of secured debt on the property during the second quarter of 2017. Washington Price is initially funding its share with funds from the company’s credit facility until the debt is placed.
In January 2017, O’Connor announced a $33 million redevelopment project which includes a remodel of Downtown, including new tenants, a dining space, new interior and exterior finishes, updated entranceways and the addition of a specialty grocery store, a Bank of Hawaii financial services center, Pieology, Five Guys Burgers and Fries, and Lindbergh store.
“The consolidation of Pearlridge Center under one management and leasing team will streamline operations and further enhance the customer experience,” said Fred Paine, general manager of Pearlridge Center, in prepared remarks. “We welcome the new Uptown tenants and look forward to providing our customers an enhanced mix of retail and dining options.”