IRVINE, CA, June 7, 2012 – Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has completed the $8.2 million sale of Coconut Marketplace (top left photo), a 66,265 square foot retail center situated on 7.6 acres on the island of Kaua’i.
The property is located at 4-484 Kuhio Highway in the Kapaa-Wailua area, one of only two major resort retail destinations in Kauai and the only resort destination on the East Shore.
Donald MacLellan (top right photo), senior managing director, and Christopher Tramontano (middle left photo), director, with Faris Lee Investments represented the seller, LNR Partners, LLC, who was in foreclosure on the property.
RSI Real Estate along with the Beall Corporation represented the all-cash buyer, Honolulu-based SMK Inc. Faris Lee garnered ten offers on the property from local and mainland investors, as well as larger investment funds. The firm employed an aggressive positioning strategy for Coconut Marketplace, a retail center hard hit by the economic downturn.
“This property was approximately 60 percent vacant with another 25 percent of the tenants in default at the close of escrow,” said MacLellan.
“We marketed Coconut Marketplace as a rare, value-add fee simple opportunity in Hawaii. The asset is in need of a significant repositioning as well as some necessary capital improvements to ultimately attract new tenants that will appeal to both locals and visitors.”
Built in 1972 and renovated in 2006, Coconut Marketplace is located along Kuhio Highway which sees 28,340 vehicles per day and is a short distance from the Lihue airport. The property is just steps from the Pacific Ocean and benefits from outstanding access and visibility.
“Faris Lee Investments has a deep, decade-long history completing complex, retail center transactions throughout Hawaii,” said Rick Chichester, president and COO with Faris Lee Investments.
“It is a very localized market with a unique tourism and residential base. We worked to identify an ideal buyer who understood these market fundamentals. We believe they will be able to maximize value for the center as well as add to the retail options of those who patronize the center.”
MacLellan added that this is the third retail center sale Faris Lee has completed for LNR over the past few years. In late 2011, Faris Lee completed the $79.3 million sale of The District at Green Valley Ranch (bottom left photo), a 384,107 square foot landmark community retail center near Las Vegas.
Contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
For Faris Lee Investments
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