Pearlridge Center, Hawaii’s second-largest shopping mall, is being sold to a partnership between two mainland real estate giants in a deal valued at nearly $250 million.

The Blackstone Group LP of New York and Glimcher Realty Trust, an Ohio-based real estate investment trust, are closing a deal with owner Northwestern Mutual Life Insurance Co. for the leasehold interest in more than 1.1 million square feet on about 45 acres, according to sources familiar with the transaction.

The deal includes both phases—Uptown and Downtown—anchored by Macy’s and Sears, as well as the building housing Toys R Us. It also includes about 100,000 square feet of office space. Adjacent buildings, formerly occupied by INspiration Furniture and J.C. Penney, are not part of the sale.

"It was advantageous from a financial planning standpoint to sell the property at this time," said retail analyst Kim Scoggins, vice president of the retail services group at Colliers Monroe Friedlander Inc.

The owners will "maximize their value by selling it now," since the ground lease, owned by Kamehameha Schools, has just over 30 years left, he said.

"When you get under 30 years in a leasehold property, it’s very difficult to finance and to treat as an exchange property," Scoggins said.

Pearlridge, connected by Oahu’s only monorail system, is second in size only to Ala Moana Center, which has about 2 million square feet of retail space owned by General Growth Properties Inc.

In a separate deal, Blackstone is reportedly seeking to invest $500 million in General Growth in exchange for a 5 percent stake in the company as it prepares to emerge from bankruptcy, according to the Wall Street Journal.

Gordon Group Holdings LLC and shopping center pioneer E. Phillip Lyon, who also built Kahala Mall and the Beverly Center in Los Angeles, developed Pearlridge Center in 1972, with Northwestern Mutual as the financial arm of the project. In 1976 the mall was expanded to include its Downtown section.

Separating the two phases is Sumida Farm, the largest supplier of watercress in the state.

The acquisition marks the first foray into the Hawaii market for Glimcher, which specializes in mall management, acquisitions and shopping center developments, and has 26 U.S. properties in its portfolio.

Blackstone, which owns the Hilton Hawaiian Village Beach Resort & Spa, is known for its large investments in the Hawaii real estate market and for being an "astute investor in any environment," according to Mike Hamasu, Colliers director of consulting and research.

"Anybody with deep pockets is in the driver’s seat because of the lack of available funding for acquiring new properties," Hamasu said. "Blackstone is always on the prowl for acquiring properties."

While the price is relatively high for a leasehold property, real estate experts say the investment will likely pay off.

"They wouldn’t buy it unless they felt there was a good, solid investment," Scoggins said. "When you think about it, you have to go to Ala Moana to get to anything that’s more significant. Most of the people go to Pearlridge when they live in Mililani, Waipahu or are in the military at Hickam (Air Force Base). It does have a commanding market share of West and Central Oahu."