Blackstone Buying Pearlridge Center For $242 million (BX)

In an effort to continue expanding its presence in the commercial real estate sector, private equity firm Blackstone BX and partner Glimcher Realty Trust have apparently teamed up to buy the 1.1-million square-foot Pearlridge Center located in Oahu, Hawaii for $242 million the Wall Street Journal said in a report. Neither firms would confirm the acquisition. The Pearlridge Center is the second largest mall in Hawaii and is being purchased from insurance company Northwestern Mutual Life Insurance Co.