Kauai 'double play' retail opportunity enticing buyers
KHON NEWS
Leslie Wilcox
The largest shopping center on Kauai is on the market, and it's attracting a small crowd of would-be buyers. There's a related opportunity that heightens the value.
It amounts to the regional mall of Kauai. Kukui Grove Center, in Lihue, is anchored by Macy's, Longs and Star Market, and it has movie theaters and dozens of specialty stores.
The shopping center's owner, Grove Farm, isn't putting a purchase price out there. But it did put $15 million into renovations and invited bids.
President Warren Haruki says there is high interest, from a wide range of entities, including local companies with a good track record in retail.
And there's high interest on the part of buyers in making this a double play - because Grove Farm is also offering the land under a shopping area less than half the size that's seamlessly located next door. It's where K-mart and Borders Books are. When the company holding the lease on the next-door property found out the fee interest was for sale, it put its lease interest on the market too, too.
"If you have both parcels you have the ability to create whatever synergy you want, whatever tenancy you want, and it's a good thing for the consumers in Kauai," said real estate consultant Stephany Sofos.
Indeed, the leaseholder of the next door shopping complex, the MacNaughton Group, says its offering has generated "a significant amount of interest from qualified buyers."
With the level of interest being expressed, Grove Farm may have its pick of a new owner for Kukui Grove Center and the property next door by month's end.
Grove Farm is owned by America Online co-founder and Punahou grad Steve Case. He bought the kamaaina company four years ago.
Kauai 'double play' retail opportunity enticing buyers
Leslie Wilcox
The largest shopping center on Kauai is on the market, and it's attracting a small crowd of would-be buyers. There's a related opportunity that heightens the value.
It amounts to the regional mall of Kauai. Kukui Grove Center, in Lihue, is anchored by Macy's, Longs and Star Market, and it has movie theaters and dozens of specialty stores.
The shopping center's owner, Grove Farm, isn't putting a purchase price out there. But it did put $15 million into renovations and invited bids.
President Warren Haruki says there is high interest, from a wide range of entities, including local companies with a good track record in retail.
And there's high interest on the part of buyers in making this a double play - because Grove Farm is also offering the land under a shopping area less than half the size that's seamlessly located next door. It's where K-mart and Borders Books are. When the company holding the lease on the next-door property found out the fee interest was for sale, it put its lease interest on the market too, too.
"If you have both parcels you have the ability to create whatever synergy you want, whatever tenancy you want, and it's a good thing for the consumers in Kauai," said real estate consultant Stephany Sofos.
Indeed, the leaseholder of the next door shopping complex, the MacNaughton Group, says its offering has generated "a significant amount of interest from qualified buyers."
With the level of interest being expressed, Grove Farm may have its pick of a new owner for Kukui Grove Center and the property next door by month's end.
Grove Farm is owned by America Online co-founder and Punahou grad Steve Case. He bought the kamaaina company four years ago.
posted by DP at 5:24 PM
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