Pearlridge Center, Hawaii's largest indoor shopping center, has been put on the market by its owner of several years.

The asking price by its current owner, Northwestern Mutual Life Insurance Co. of Wisconsin, is unknown. The firm released little information yesterday.

“;We are an active buyer and seller of real estate around the country, so there is nothing unusual about selling this particular property,”; said Jean Towell, spokeswoman for Northwestern Mutual.

Towell went on to say that the center is a “;small part”; of Northwestern Mutual's $5.3 billion in real estate equities. The company has a $144 billion general account portfolio, she said. The company declined to release further details.

Pearlridge Center is a 1.2-million-square-foot shopping center in Aiea off Kamehameha Highway. The 55-acre property consists of “;uptown”; and “;downtown”; phases, connected by Oahu's only monorail system, the Skycab.

Its primary anchors are Macy's, Sears and Ross Dress for Less. Adjacent phases include Toys R Us, Inspiration Furniture and about 200 other stores. Bed Bath & Beyond is expected to open a store at the center in late summer.

It is second only to Ala Moana Center in terms of size. General Growth Properties' Ala Moana Center has about 2 million square feet of retail space. It was bought by General Growth in 1999 for about $810 million.

Developer Gordon Group Holdings LLC and shopping center pioneer E. Phillip Lyon, who died in 1999 at age 97, developed Pearlridge Center in 1972, with Northwestern Mutual as the financial arm of the project. Lyon also developed Kahala Mall and Kamehameha Shopping Center.

Because the Sumida Watercress Farm, which sits within the property, is protected, the developers built the monorail system to link the main buildings.

The center is leasing the land, owned by Kamehameha Schools and other entities.

The center currently enjoys a near-100 percent occupancy rate, with only two spaces that have unsigned leases. Center spokeswoman Deborah Sharkey said the center expects the leases to be signed soon.

“;When you have a 100 percent occupancy rate, that tells me you have a mature market,”; said local real estate analyst Stephany Sofos. “;Any time you take a mature asset and you sell it, it creates opportunity for different phases for different businesses.”;

Sofos said a sale would be a good move for the owners and the center, which hasn't had a major expansion in several years.

“;What that will do for us is it will bring someone in, who will look at it and bring new money to the table and new ideas,”; Sofos said.

She said the final sale price might end up at a discount because it is on a leasehold with the landowners. She said it's important for the center to transition to new ownership to stay competitive.

“;Sometimes you need a little pop. With all the new stuff in Kapolei, you really need a wow factor to keep people coming to your center,”; she said. “;You have a lot more competition now.”;