Blackstone's Property Deals

The WSJ summarizes Blackstone deals this year

• Blackstone and Glimcher buying Pearlridge Center on Oahu for $242mm from Northwestern Mutual
  
• Blackstone bought 60% stake in Glimcher's Lloyd Center (Portland) and Westshore Plaza (Tampa) in March for $60mm + debt assumption -- see here-both serve as collateral in 4 2003 deals.
  
• Caruso Affiliated & TPG Capital paid $750mm for retail and mixed-use out West
• Blackstone is buying an 80% stake in 17mm sq ft of warehouse space for $105mm + debt from an Eaton Vance Fund. Prologis is the joint owner and will keep its 20% stake.
• Blackstone closing this week on a $500mm purchase of a portion of GGP, this week.
  

Glimcher Selling Lloyd Center to Merlone Geier - WBCMT 2003-C5

This is the largest loan in WBCMT 2003-C5, expected that the buyer will assume the loan, closing scheduled for December. CoStar reporting.

Just the sponsor switch, alone, is a net positive for the deal. Glimcher has trimmed assets through sales and by turning in the keys. This asset performs pretty well on its on though.