The Town Center of Mililani, one of the largest shopping centers on Oahu, has been sold by owner New York’s TIAA Realty LLC to a joint venture of insurance giant MetLife and Chicago-based real estate investment firm M&J Wilkow for about $227.3 million.
PBN has obtained public documents that confirm the sale to an entity formed last month by MetLife and M&J Wilkow, Mililani Town Center LLC.
The address listed for Mililani Town Center is the same as M&J Wilkow’s address in Chicago.
The managing member of Mililani Town Center is ML-MJW Mililani Town Center Venture LLC.
The sale, which closed on Tuesday, includes 15 parcels, is the first real estate purchase by MetLife in Hawaii, although M&J Wilkow already owns the Foodland-anchored, 146,719-square-foot Parker Ranch Center on the Big Island as part of a joint venture.
Earlier this month, New York-based MetLife and M&J Wilkow announced that they acquired South Carolina’s 468,000-square-foot Magnolia Park outdoor retail center for an undisclosed price.
Affiliates from both firms formed a joint venture for that purchase, with the MetLife affiliate as the majority owner.
“Investing in retail real estate such as Magnolia Park is an important part of MetLife Real Estate Investors’ overall strategy,” said Robert Merck, senior managing director and global head of real estate for MetLife, in a statement. “We are also pleased to have M&J Wilkow as our joint venture partner and look forward to working with them to grow our investment.”
Marc Wilkow, president of M&J Wilkow, said at that time that the opportunity to team up with MetLife is “exceptional and inspiring” for his team.
“We also look forward to evaluating other similarly exciting opportunities with our colleagues at MetLife,” he said in a statement.
The 449,112-square-foot Town Center of Mililani, which is anchored by Consolidated Theatres, Walmart, Times Supermarket, Longs Drugs and PetSmart, has more than 90 tenants.
Colliers International handles both the management and leasing of the center, which opened in 1988 and is ranked as the eighth largest shopping center on Oahu, according to PBN research.
Fred Pieretti, a spokesman for MetLife, declined comment.
M&J Wilkow and TIAA Realty did not return messages left by PBN inquiring about the sale.
In 2005, TIAA Realty, a subsidiary of TIAA-CREF, bought the Town Center of Mililani from Castle & Cooke Commercial Properties for about $151.1 million, according to tax records.
Duane Shimogawa Reporter – Pacific Business News
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