O’Connor buys Hawaii’s largest mall in $1.68b JV
As part of its recently announced joint venture with WP Glimcher, O’Connor Capital Partners has acquired a 49 percent stake, valued at $823.2 million, in a six-property portfolio. WP Glimcher owns the remaining 51 percent.
The portfolio, which has property value of $1.68 billion, consists of six retail properties in Arizona, Hawaii, Ohio, Tennessee and Kansas totaling 3.18 million square feet.
The largest and highest priced asset was the 1.14 million-square foot Pearlridge Center Uptown & Downtown mall in Aiea, Hawaii. The total property value is more than $1 billion. It is the state’s largest indoor mall and second-largest shopping center, following the 2.1 million-square-foot Ala Moana Center in Honolulu.
Opened in 1972 and expanded in 1976, the enclosed mall is spli