The minority owner of Pearlridge Center has agreed to purchase the remaining interest in the mall for $289.4 million.

An affiliate of Ohio-based Glimcher Realty Trust, which already owns 20 percent of the state’s second-largest shopping center, will acquire the remaining 80 percent from affiliates of a real estate fund owned by New York-based Blackstone Group LP.

The price paid for 80 percent of the mall puts the property’s total value at $362 million, a 48 percent increase from the $245 million Glimcher and Blackstone paid for the mall in 2010.

The deal includes the Uptown and Downtown portions of the mall anchored by Macy’s and Sears, as well as buildings housing Toys R Us, Bed Bath & Beyond, Anna Miller’s restaurant and about 100,000 square feet of office space. Adjacent buildings, formerly occupied by INspiration Furniture and J.C. Penney, now owned by Blacksand LLC, are not part of the sale.

The sales price includes Blackstone’s share of the $175 million mortgage debt and $149.4 million in cash, Glimcher said in a news release Wednesday.

"We are excited to increase our ownership in Pearlridge Center, a high quality mall that we already know well and currently manage," MichaelGlimcher, board chairman and CEO of the real estate investment trust, said in a statement. "With sales of nearly $500 per square foot and a dynamic growth profile, this strategic investment is consistent with our goal of enhancing the quality of our real estate portfolio."

The company said the mall is more than 99 percent occupied.

Glimcher said it will pay for the purchase with proceeds from a public stock offering and through credit. The deal is expected to close in the second quarter.

A joint venture of Blackstone and Glimcher bought the leasehold interest in the property in November 2010 from Northwestern Mutual Life Insurance Co.

The 48 percent price increase since 2010 "is a tremendous gain in appreciation, which makes it an attractive return for Blackstone," said Mike Hamasu, director of consulting and research at Colliers International. "There are factors that contribute to why Glimcher might want to acquire it at that price. They might view that there are opportunities for redevelopment. Maybe they feel that the economy’s improving and ultimately the market dynamics for the mall will appreciate or they may have tenants that are interested in paying higher rents if they decide to re-tenant."

The 1.1 million-square-foot Pearlridge Center, 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.

"We’re just really excited about it because we love working for Glimcher, that has been the managing company," said Fred Paine, Pearlridge general manager. "They’re great people and we look forward to a long future with them."