Institutional Property Advisors (IPA) announced the fee-simple offering of the Hawaii Retail Collection, a 726,858-square-foot, three-property shopping center portfolio in Lihue on the island of Kauai and Kahului on the island of Maui, HI The properties are Kukui Grove, Kukui Marketplace and Maui Marketplace. Available for purchase individually or as a portfolio, the three assets are expected to trade in the $150-million-plus range.
“This is a rare Hawaiian fee-simple value enhancement opportunity, offered at a fraction of replacement costs,” said Tom Lagos, IPA executive director. “All three centers have opportunities for net operating income growth through lease-up, expansion and pad development.”
Lagos and IPA’s Patrick Toomey and Jose Carrazana are representing the seller, in association with Adam Attia, Marcus & Millichap’s broker of record in Hawaii.
Kukui Grove, Kauai’s largest shopping center, is a 328,827-square-foot, 68% occupied open air retail hub anchored by Times Supermarket, Longs Drugs and Ross Dress for Less. Kukui Marketplace is a Target-anchored, 145,653-square-foot, 94.9% occupied center adjacent to Kukui Grove.
Maui Marketplace is a 252,378-square-foot, 62.8% occupied shopping center in a hub of locals and tourists. The tenant roster includes Seafood City, Ross, Barnes & Noble and Old Navy with additional national anchor leasing substantially underway.
IPA will host investor tours at the properties on May 27 and 28 in Maui, and May 29 and 30 in Kauai.
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