One day after the Planning Commission approved two new resorts just south of the Waipouli Beach Resort and Spa, a brokerage firm announced the sale of the neighboring Kaua‘i Shopping Village to a group of California investors. The 110,000-square-foot center
One day after the Planning Commission approved two new resorts just south of the Waipouli Beach Resort and Spa, a brokerage firm announced the sale of the neighboring Kaua‘i Shopping Village to a group of California investors.
The 110,000-square-foot center sold to Faris Lee Investments — which bills itself as the nation’s largest retail investment specialists — for $40 million Thursday, a price tag that includes repair and remodeling costs.
“The ownership is planning a remodeling of Kauai Village to help enhance the center to fulfill the demand of the local Kaua‘i residents and the increasing tourist base,” Faris Lee Chairman David Lee said in a release. “The vision is to create an exciting resort-style shopping center for Kaua‘i.”
Built in 1990 and anchored by Safeway and Long’s Drugs, Kauai Village was 85 percent occupied at the close of escrow.
California and Hawai‘i-based Diversified Equity Investment Corporation, owners of multiple retail centers and office buildings throughout the islands, handled the purchase from PASSCO, an Irvine, Calif.-based real estate investment firm.
Faris Lee has completed more than $100 million in projects in the Hawai‘i market, according to a company release.
Subscribe today for unlimited access.
Already a subscriber?
Login
Not ready to subscribe?
Register for limited access.
If you have a print subscription but require digital access,
activate your account.
