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<Private-equity firm Blackstone Group LP has agreed to pay Glimcher Realty Trust about $195 million in cash and assumed debt for a roughly 60% stake in two large malls, according to people familiar with the transaction.

The joint venture deal, which is expected to close early next year, is part of Glimcher's effort to shore up its balance sheet, a strategy which has also included selling stock. A spokesman for Blackstone declined comment and executives at Glimcher couldn't immediately be reached.

Under the terms of the deal, Blackstone would pay about $39 million in cash and $75 million in assumed debt for its share of the 1.4-million-square-foot Lloyd Center mall in Portland, Ore. Blackstone would pay about $27 million in cash and assume about $54 million in debt for its stake in the 1.1-million-square-foot WestShore Plaza mall in Tampa, Fla.

Glimcher, based in Columbus, Ohio, would also continue operating the malls. The deal translates to a capitalization rate -- a measure of the properties' income relative to acquisition price -- of about 9.5%, people familiar with the transaction said. The properties are among the best in Glimcher's portfolio.

The Blackstone deal comes about one month after Glimcher announced an earlier agreement to sell Lloyd Center, one of the first enclosed malls on the West Coast. That agreement to sell Lloyd Center to Merlone Geier Partners IX LP for about $192 million in cash and assumed debt fell apart. The new transaction would value Lloyd Center at about $190 million and was viewed favorably by the seller because it allows Glimcher to continue operating the properties.

In May, Glimcher said it hired Eastdil Secured to sell stakes in the properties. Last year Lloyd Center logged sales per square foot of about $379 while WestShore reported sales of $422.>

Note that there are no persons quoted.