Another piece of Pearlridge Center, Oahu’s second-largest shopping mall, has a new owner.

Part of the mall once leased by J.C. Penney, including space for about 40 tenants including anchor Borders, was bought recently by an upstart local real estate investment firm.

The firm, BlackSand Capital LLC, bought the property from INspiration Furniture owner Thomas Sorensen, who acquired the property from a Florida company when J.C. Penney decided to pull out of Hawaii in 2002.

A purchase price wasn’t disclosed.

The sale follows the acquisition of most of the mall by mainland firms Blackstone Group LP of New York and Glimcher Realty Trust of Ohio in November for about $245 million.

BlackSand Capital was established in May by BJ Kobayashi and Ian MacNaughton, scions of prominent Hawaii real estate developers Bert Kobayashi and Duncan MacNaughton.

Ian MacNaughton said the deal with Sorensen is BlackSand’s first acquisition and that the firm saw an opportunity to reposition the property.

Bryan Li, BlackSand’s executive vice president, said the immediate plan is to fill up vacant space and make other improvements to the tenant mix and shopping experience.

No redevelopment of the property is planned, though that could be a future possibility.

"We’re still working out the details of what we plan to do," Li said.

The property acquired by BlackSand includes 135,600 square feet of space in the Uptown section of the mall, which overall has 1.1 million square feet of leasable space.

BlackSand’s portion, which also includes much of the Uptown parking lot, covers 9.3 acres of the mall’s 45 acres.

Tenants in the BlackSand portion of the mall sometimes referred to as Uptown II include Price Busters, Inspiration.Fun, Kay Jewelers, Hatsby and Farrell’s Ice Cream Parlor and Restaurant.

A free-standing 25,000-square-foot space formerly occupied by INspiration has been leased by Hawaii Pacific Health for a clinic.

About 4 percent, or 5,400 square feet, of the Uptown II space is vacant.