Saturday, December 31, 2011
"The project has been an outstanding investment for our group and represents some of the best, institutional quality real estate in Hawaii," said Bill Mills, chairman of The Mills Group. “Despite all of the ups and downs of the commercial real estate market and global economic turmoil, the Waikiki Galleria project has always performed well.”
While there has been a dearth of larger transactions this year, the sale of the Waikiki Galleria is surely going to remind investors that Hawaii will always play a role in national trends. “It really bodes well for the entire state that deals of this magnitude can get done here,” added Mills.
The Waikiki Galleria had not been listed for sale, but an inquiry from the buyer resulted in meaningful discussions and ultimately the sale.
The buyer is represented by Steve Sombrero of NAI Chaney Brooks. Chaney Brooks has assumed responsibility for management and leasing of the project. Sombrero feels that the project represents an excellent strategic long-term investment.
"People immediately recognize the project whether standing on Kalakaua Avenue or seeing it in a photograph in Tokyo. Our client was very fortunate to have this rare opportunity to acquire such a unique, high quality asset, and they plan to hold it as a long-term investment,” said Sombrero.
The Waikiki Galleria Project was originally developed by Bank of Hawaii and the building served as the long-time location of the Waikiki branch of the bank and also housed a Woolworth store on the first and second floor. In 1988 the project was sold by the Bank to Nippon Shinpan of Japan. Nippon Shinpan later sold the project in October 2001 to an investor group comprised of The Mills Group, The Shidler Group and Angelo Gordon.
The Mills Group, along with a consortium of private investors from Japan, bought out the other investors in 2003 and operated the project since that time.
While the sale represents the last asset in Waikiki for The Mills Group, it does not indicate a lack of interest for future projects in Waikiki.
“We have been long-term believers in the Hawaii economy and Waikiki specifically,” commented Mills. “We continue to look for strategic investments in both real estate and operating companies and would love to have another project in Waikiki.”
The Mills Group is based in Honolulu and has a 25 year history of real estate and other diversified investments located around the Pacific Rim.
Other notable current real estate projects of The Mills Group include The Shops at Wailea (top right photo), a luxury retail shopping center in Wailea, the master planned community of Maui Lani (middle right photo), the Lanikeha project in Kaanapali, Maui and two shopping centers on Guam, Tumon Sands Plaza and Guam Premier Outlets.
The Mills Group
Mark Johnson – Partner, 808-275-5755 or
Stuart, FL, Dec. 31, 2011 --(PR.com)-- Big Lots, North America’s largest broadline closeout retailer, recently purchased the 32,999-square-foot building formerly occupied by home goods retailer Linens ‘N Things at the Indian River Mall (top left photo) in Vero Beach for $2.4 million.
Big Lots will move its existing store, located just to the east on SR 60, into the space, which is newer, larger, and ideally located at the Regional Mall—a big improvement for the chain and its customers.
Boyd Bradfield (lower right photo) President of NAI Southcoast, represented the Seller, an investor group from Miami. The property had received a great deal of interest from both developers and retailers and had been under contract twice prior to Big Lots’ purchase of the property.
For more information about NAI Southcoast, please visit http://www.naisouthcoast.com/.
NAI Global is the world's leading managed network of 5,000 professionals, 325 offices in 55 countries.. To learn more, visit http://www.naiglobal.com/.
KISSIMMEE, FL --- PlayGolfPlanet.com, the start up company that provides golfers with a social way to book tee times and deals with their favorite courses, has landed its second PGA golf pro endorsement from John Cook (top right photo).
Cameron Cress (lower left photo), founder and chief executive officer of PlayGolfPlanet.com, said Cook is going to place the PlayGolfPlanet.com logo to his golf bag for the duration of the PGA tour.
Cress said he is delighted with the endorsement and especially the exposure.
“John Cook is a friend and supporter and we are very excited about his endorsement and support,” Cress said.
Cook is one of the top money winners on the senior golf circuit and is the winner of some 11 PGA tournaments.
PlayGolfPlanet.com is a client company of the University of Central Florida Business Incubation Program located in Kissimmee at 111 E. Monument Avenue.
For more information, contact
Cameron Cress, Founder/CEO PlayGolfPlanet, 407-615-7106, firstname.lastname@example.org
Rafael Caamano, Site Manager Kissimmee UCF Business Incubation Program, 407-343-4300, Rafael.Caamano@ucf.edu
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 or LvershelCo@aol.com