The Kapolei Parkway Shops, which includes Starbucks, Jamba Juice and Taco Del Mar in a 21,167-square-foot building, has been sold to a California family that has significant real estate holdings in the Western United States, including Hawaii, for $13.8 million, according to public records.
The seller, Honolulu-based KBSM LLC, an affiliate of The MacNaughton Group, through one of its partners, told PBN that periodically it elects to sell some of its development properties based on a number of factors.
“Nothing out of the ordinary drove our decision to sell this property,” said Jeff Arce, partner for the Honolulu-based firm. “The proceeds from this sale will be reinvested by its investors into the future investment opportunities.”
Mark Bratton, vice president and division manager of Investment Properties for Colliers International Hawaii, represented the seller in the transaction.
Jon-Eric Greene, senior vice president also of Colliers, who represented the unnamed buyer, said that they were looking for western properties to invest in.
“They’re a family from California that has other holdings in Hawaii,” he told PBN. “They have Big Island properties that they own.”
Greene noted that no changes are expected at the Kapolei Parkway Shops, which is located at 338 Kamokila Blvd. directly in front of The Home Depot and across the street from the Hawaii state Judiciary complex.
The total assessed value of the property is about $7.2 million, according to tax records.
“Generally, things in Hawaii are healthy at the moment,” Greene said referring to the investment market.
Duane Shimogawa Reporter – Pacific Business News