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Grocery-anchoredHawaiiInvestment salesNews

JLL Arranges $37.3 Million Sale of Western Maui Shopping Center

by Hayden Spiess

Lahaina, Hawaii — JLL Capital Markets has arranged the sale of Lahaina Gateway, a retail center comprising 135,996 square feet in the West Maui community of Lahaina. U.S. Realty Partners Inc. acquired the property for $37.3 million. Bryan Ley, Gleb Lvovich, Geoff Tranchina and Keenan Sue of JLL represented the seller, an institutional investment firm, in the transaction. Anchored by Foodland Farms, Ace Hardware and Ross Dress for Less, the property was 77 percent occupied at the time of sale, with upcoming leases that will bring occupancy to 90 percent. …

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Cost-U-Less-Hilo
HawaiiInvestment salesNet leaseNews

SRS Brokers $5.5 Million Sale of Cost-U-Less Occupied Retail Property in Hilo, Hawaii

by Hayden Spiess

Hilo, Hawaii — SRS Real Estate Partners has arranged the sale of a single-tenant retail property located at 715 Kinoole St. in Hilo. A mainland-based private investor acquired the asset from a Hawaii-based private investor for $5.5 million. Cost-U-Less, a warehouse-style retail chain, occupies the 23,016-square-foot building, which was built in 2002. Nicholas Paulic, AJ Cordero, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller in the transaction.

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DevelopmentHawaiiNews

KZ Companies Breaks Ground on 45,737-Square-Foot Ho’omaka Marketplace in Kapolei, Hawaii

by Katie Sloan

Kapolei, Hawaii — KZ Companies has broken ground on Ho’omaka Marketplace, a retail development located at the corner of Kapolei Parkway and Kualakai Parkway in Kapolei. Longs Drugs, HELE Gas, Chick-fil-A and 7-Eleven will anchor the 45,737-square-foot shopping center. The property will feature units ranging from 954 square feet to 4,008 square feet, plus a 15,000-square-foot anchor pad. Ho’omaka Marketplace is designed to provide an economic future for native Hawaiians who live in Kapolei, according to KZ Companies All money generated through the ground lease proceeds will benefit Kapolei Community Development …

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Gantry-Hawaii
FinanceHawaiiNews

Gantry Arranges $65 Million in Permanent Financing for Warehouse, Retail Portfolio in Hawaii

by Katie Sloan

Honolulu — Gantry has secured $65 million in permanent financing to recapitalize a portfolio located on Oahu. The two financed properties are Hanua Logistics Center, a recently completed 226,850-square-foot Class A warehouse facility, and Honolulu Design Center, an 80,000-square-foot retail center. Murphy Osborne of Gantry’s San Francisco office arranged the funding on behalf of the borrower, a private investor. Bank of Hawaii provided the financing, which features a 15-year term, including a significant interest-only period transitioning to 30-year amortization.

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HawaiiInvestment salesNews

BlackSand Capital Buys Waikiki Galleria Tower in Honolulu for $270 Million

by Julia Sanders

Honolulu — BlackSand Capital has acquired Waikiki Galleria Tower, a 15-story office and retail property on Kalakaua Avenue in Honolulu, for $270 million. The seller, 2222 SPE LLC, an affiliate of Sanno USA, originally bought the asset from Honolulu-based The Mills Group in December 2011 for $187.1 million. BlackSand Capital plans to redevelop the property’s two-story, 75,000-square-foot retail component, which was most recently occupied by DFS Group’s T Galleria. DFS declined to extend its lease on the space, which it had occupied since 1999.

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HawaiiInvestment salesNews

Realty Income Corp. Buys 21-Property Convenience Store Portfolio in Hawaii for $109.4 Million

by Julia Sanders

Hawaii — A subsidiary of Realty Income Corp. has acquired a 21-property gas station/convenience store portfolio located throughout Hawaii. Par Pacific Holdings sold the portfolio in a fee-simple sale-leaseback transaction for $109.4 million. The portfolio includes 12 properties in Oahu, two facilities on Kauai, four properties on Maui and three properties on the island of Hawaii. The transaction also included a new master lease agreement to lease back the sites on a triple net basis. D. Andrew Ragsdale, Ken Hedrick, Jerry Hopkins, Kristian Neilson and John Curtis of Newmark’s Net …

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DevelopmentHawaiiNewsRetailers

Target to Open 122,000-Square-Foot Location at Kukui Marketplace in Kauai, Hawaii

by Alex Tostado

Lihue, Hawaii — Target has signed a deal to open a storefront at Kukui Grove Center’s Kukui Marketplace on Kauai’s Lihue. The retailer will occupy a 122,000-square-foot space, which is under renovation, that was formerly occupied by Kmart. JLL represented Kukui Grove Center in the lease negotiation.

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DevelopmentFinanceHawaiiNewsRetailers

George Smith Partners Secures $51.7 Million Construction Loan, $16.2 Million Mezzanine Debt for Niumalu Marketplace in Hawaii

by Alex Tostado

Kona, Hawaii — The Davies Group at Los Angeles-based George Smith Partners has arranged both a $51.7 million senior construction loan and $16.2 million in mezzanine debt for the ground-up development of Niumalu Marketplace, a shopping center in Kona. The borrower is Commercial Real Estate Development Enterprise (CREDE). Safeway will anchor the 204,275-square-foot retail property, which is slated for completion by fourth-quarter 2020. Malcolm Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis, Aiden Moran and Maxwell Shedlosky of George Smith Partners facilitated the transaction. Centennial Bank provided the construction …

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HawaiiInvestment salesNewsRetailers

LVMH Acquires Two Occupied Retail Assets in Waikiki for $72 Million

by Alex Tostado

Waikiki, Hawaii — An entity controlled by LVMH Moet Hennessey Louis Vuitton and Mockingbird Interests Waikiki LLC has purchased two commercial units located at 2181 Kalakaua Ave. in Waikiki. The Hawaii-based Moore family trust sold the retail assets for $72 million. Bryan Ley of JLL, in collaboration with Avalon Commercial, represented the sellers in the deal. Cushman & Wakefield, with Sofos Realty Corp. as a local partner, originally listed the property in July 2017 with no asking price. The two units are currently occupied by Quiksilver and First Hawaiian Bank, …

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