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| Lahaina Gateway Shopping Center, Lahaina, Maui |
IRVINE, CA – Faris Lee Investments, the nation’s largest
retail-specialized investment advisory firm, has completed the $32 million sale
of
Lahaina Gateway, an upscale, 137,000-square-foot, grocery-anchored
shopping center in Lahaina, Maui.
Rick Chichester, president and COO, and Matt
Mousavi, managing director, with Faris Lee Investments represented the buyer, Thompson National Properties (TNP) in
the off-market deal.
The seller, Central Pacific Bank, represented itself and was
able to quickly dispose of this REO asset with a high level of certainty based
on the off-market transaction structure put in place by Faris Lee.
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| Rick Chichester |
Adding more significance to the transaction, the closing cap
rate was 5.62 percent, representing a record for a leasehold sale of this size
in the state of Hawaii.
“Faris Lee was able to structure this record-breaking
transaction by moving quickly on positioning the property as a rare value-add
ownership opportunity in the highly desirable west Maui market,” said
Chichester. “Our approach was to create a positioning strategy inclusive of
marketing, merchandising and leasing potential for the buyer that would provide
them with a short and long-term vision for the asset.”
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| Matt Mousavi |
Chichester continued, “The acquisition of Lahaina Gateway by
Thompson National Properties is consistent with the company’s strategy of
acquiring both stabilized and value-added assets. TNP is an ideal buyer for the
property as they possess the ability and agility to underwrite and execute
quickly and with precision. As such, they were able to add a trophy retail
center in one of the most desirable markets in Hawaii to their growing
portfolio.”
Built in 2008 and featuring a modern theme while integrating
the feel of old Hawaii towns, the
11-acre property is situated at the intersection of Honoapiilani Highway
and Keawe Street and serves both a growing tourism-based consumer base as well
as the local residents. The center is west Maui’s newest shopping destination
and is ideally located in between Old Lahaina town and the Ka'anapali
and Kapalua Resorts.
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| Kapalua Resorts, Maui |
“TNP will be able to enhance Lahaina Gateway’s role as one
of the primary shopping destinations for both tourists and residents of west
Maui,” said Mousavi. “The existing tenant mix provides a strong base for them
to utilize when attracting new retailers to the property. We believe they will
be successful in continuing the positive leasing trend already being realized
at the center.”
Lahaina Gateway features a diverse mix of tenants, including
the largest Barnes & Noble bookstore in the state of Hawaii, west
Maui’s only upscale gourmet grocery, Foodland Farms, and west Maui's only
office supply store, Office Max. Other tenants include Outback Steakhouse,
Central Pacific Bank, State Farm Insurance, 100 Wines, Genki Sushi, Teddy's
Bigger Burgers, and The Melting Pot.
Contact:
Darcie Giacchetto,
949.278.6224
Spaulding Thompson & Associates
For Faris Lee Investments
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