May 17, 2013
Castle family properties in Kailua could be up for sale
By Ben Gutierrez
KAILUA, OAHU (HawaiiNewsNow) -
After more than a century of ownership by the Castle Family, Kailua's 38-acre town center could be up for sale, along with other commercial properties in Kaneohe and Honolulu.
The sale of those properties could reportedly bring in as much as $1 billion for the Castle Foundation.
Over the last decade, Kaneohe Ranch, which manages the land, has spent millions of dollars on improvements in Kailua, which has attracted new tenants such as Whole Foods and Pier 1. It has also sold property for a new Target store.
A real estate expert said it would be attractive to a possible buyer. "Kaneohe ranch has done a fabulous development of the property," said Stephany Sofos. "They took property that was down and not in good shape and they made it the highest and best use. Now by selling it, the beneficiaries of Kaneohe Ranch will reap the benefits of this."
Kaneohe Ranch president and CEO Mitch D'Olier would not confirm that the properties have been put up for sale. But in a printed statement, he said the company is considering alternatives.
"These options include selling some or all of the owners' real estate holdings in Hawaii and elsewhere, or retaining ownership of some or all of the real estate. No decision has been made concerning whether any of these holdings will be sold," D'Olier's statement said.
A source indicated that it would still be a few months before any deals would become public.
Monday, May 20, 2013
Friday, May 17, 2013
PacificBusinessNews-article
May 17, 2013
Kaneohe Ranch Co. LLC and the Harold K.L. Castle Foundation put the entire Kaneohe Ranch commercial real estate portfolio, which includes the town center in Kailua in Windward Oahu, on the market for sale Thursday with Eastdil Secured.
The properties, which are being marketed in its entirety as a portfolio, or as two geographic sub-portfolios, for an undisclosed price. They include retail shopping centers and leased fee land interests in Kailua as well nine properties on the Mainland, according to the listing with Eastdil Secured.
The Kailua town center includes a mix of fee-simple and leased properties whose tenants include Whole Foods Market (NYSE: WFM), Foodland, Safeway (NYSE: SWY), Times Supermarket, Longs Drugs, Macy’s (NYSE: M) and California Pizza Kitchen.
Target Corp. (NYSE: TGT) bought seven acres along Hanani Street in Kailua, next to Safeway, from Castle Family LLC for $22.5 million in January 2011 and is building a new store there.
Many of the existing commercial properties in Kailua were developed as leasehold interests 40 to 50 years ago and several of the long-term ground leases "have either expired or will be expiring by the end of this decade, providing ownership with the opportunity to continue to upgrade and reposition downtown Kailua," the listing said.
Kaneohe Ranch officials could not immediately be reached for comment Thursday night. Kaneohe Ranch manages the real estate owned by the Castle family and the nonprofit Harold K.L. Castle Foundation.
The Hawaii portfolio also includes the land beneath the Windward City Shopping Center and Servco Windward Toyota in Kaneohe, and three properties in Honolulu.
The Mainland portfolio includes five leased fee land interests, three single-tenant retail and office assets and one multifamily asset located in San Francisco, Seattle, Miami, Dallas, Phoenix and Portland, Ore. Tenants in those properties include Lowe’s in San Jose, Calif., a Kohl’s department store in Phoenix, the Miami Marriott Biscayne Bay and the U.S. government.
Kaneohe Ranch puts Kailua town up for sale with Eastdil Secured
By Duane ShimogawaKaneohe Ranch Co. LLC and the Harold K.L. Castle Foundation put the entire Kaneohe Ranch commercial real estate portfolio, which includes the town center in Kailua in Windward Oahu, on the market for sale Thursday with Eastdil Secured.
The properties, which are being marketed in its entirety as a portfolio, or as two geographic sub-portfolios, for an undisclosed price. They include retail shopping centers and leased fee land interests in Kailua as well nine properties on the Mainland, according to the listing with Eastdil Secured.
The Kailua town center includes a mix of fee-simple and leased properties whose tenants include Whole Foods Market (NYSE: WFM), Foodland, Safeway (NYSE: SWY), Times Supermarket, Longs Drugs, Macy’s (NYSE: M) and California Pizza Kitchen.
Target Corp. (NYSE: TGT) bought seven acres along Hanani Street in Kailua, next to Safeway, from Castle Family LLC for $22.5 million in January 2011 and is building a new store there.
Many of the existing commercial properties in Kailua were developed as leasehold interests 40 to 50 years ago and several of the long-term ground leases "have either expired or will be expiring by the end of this decade, providing ownership with the opportunity to continue to upgrade and reposition downtown Kailua," the listing said.
Kaneohe Ranch officials could not immediately be reached for comment Thursday night. Kaneohe Ranch manages the real estate owned by the Castle family and the nonprofit Harold K.L. Castle Foundation.
The Hawaii portfolio also includes the land beneath the Windward City Shopping Center and Servco Windward Toyota in Kaneohe, and three properties in Honolulu.
The Mainland portfolio includes five leased fee land interests, three single-tenant retail and office assets and one multifamily asset located in San Francisco, Seattle, Miami, Dallas, Phoenix and Portland, Ore. Tenants in those properties include Lowe’s in San Jose, Calif., a Kohl’s department store in Phoenix, the Miami Marriott Biscayne Bay and the U.S. government.
Monday, May 13, 2013
KITV-article
May 13, 2013
Kailua Target could open as early as Oct. 2014
Target working with cultural descendants on burial treatment plan
The new Target store planned for Windward Oahu could open as early as October 2014.
The company released a rendering of the 130,000-square-foot store planned for Kailua town.
Target bought the land from Kaneohe Ranch two years ago.
But, the discovery of two sets of human remains on the site triggered an archaeological survey and need for a burial treatment plan.
"The construction design of it was changed dramatically and that was done to minimize the impact on the ground," said Target Real Estate Manager Brian Treber. "The Don Quijote store will be torn down, but we will be building up from that and the site will be built up."
Target says it has been working with cultural descendants of the area on the draft burial treatment plan that is now before the Oahu Burial Council.
The group Kailua Kau A Ho'oilo tells KITV that it prefers any discovered remains to be buried in place whenever possible. But, barring any other delays, the store is slated to open in fall of 2014.
KHON-article
May 12, 2013
Discovery of iwi stalls construction of Kailua Target
By Manolo Morales
Two set of remains were found last year and since then, construction has stopped. A spokesman says the Kailua Target store could open next year.
The property that was once occupied by the Don Quijote store remains fenced in and covered with black tarp. No work has been done since bones were found last summer. Construction began in July 2011 and some Windward Oahu residents have been wondering when the store will open its doors.
“It’s a lot nicer than looking at the eyesore that’s there right now. So yeah I welcome that,” says Sandee Phillips, Waimanalo resident.
There had been some opposition when the project was proposed, occupying 130,000 square feet.
“There’s a traffic concern obviously you bring more traffic in this area and this already sometimes gets a little inconvenient,” says Robert Mueller, Waimanalo resident.
That wasn’t enough to stop it. Instead iwi discovered during trenching work now has Target working with Native Hawaiians to work out a burial plan. That burial plan will have to be approved by the State Historic Preservation Division and by the Oahu Island Burial Council before construction can resume.
“We’re hopeful to open the store in October 2014 but again we’re going to be extremely sensitive to the iwi that is in place and make sure that is treated appropriately,” says Brian Treber, Target corporation.
Treber says the company and the group of descendants have agreed on a plan which was supposed to be presented to the burial council today but the hearing was delayed. He says there’s been no problems coming to an agreement.
“None whatsoever. It has gone extremely well and we found them to be very wise descendant group with very good recommendations,” says Treber.
Treber says there’s also no more digging planned for the project. So now it’s a just a matter of getting approval from the state agencies.
Discovery of iwi stalls construction of Kailua Target
By Manolo Morales
Two set of remains were found last year and since then, construction has stopped. A spokesman says the Kailua Target store could open next year.
The property that was once occupied by the Don Quijote store remains fenced in and covered with black tarp. No work has been done since bones were found last summer. Construction began in July 2011 and some Windward Oahu residents have been wondering when the store will open its doors.
“It’s a lot nicer than looking at the eyesore that’s there right now. So yeah I welcome that,” says Sandee Phillips, Waimanalo resident.
There had been some opposition when the project was proposed, occupying 130,000 square feet.
“There’s a traffic concern obviously you bring more traffic in this area and this already sometimes gets a little inconvenient,” says Robert Mueller, Waimanalo resident.
That wasn’t enough to stop it. Instead iwi discovered during trenching work now has Target working with Native Hawaiians to work out a burial plan. That burial plan will have to be approved by the State Historic Preservation Division and by the Oahu Island Burial Council before construction can resume.
“We’re hopeful to open the store in October 2014 but again we’re going to be extremely sensitive to the iwi that is in place and make sure that is treated appropriately,” says Brian Treber, Target corporation.
Treber says the company and the group of descendants have agreed on a plan which was supposed to be presented to the burial council today but the hearing was delayed. He says there’s been no problems coming to an agreement.
“None whatsoever. It has gone extremely well and we found them to be very wise descendant group with very good recommendations,” says Treber.
Treber says there’s also no more digging planned for the project. So now it’s a just a matter of getting approval from the state agencies.
Saturday, May 11, 2013
StarAdvertiser-article
May 11, 2013
Target's Kailua store scheduled to open in 2014
By Kristen Consillio
Nearly a year after Target Corp.'s Kailua
store was scheduled to open, company officials have finally released a date on
when it will begin doing business in Windward Oahu.
The Minneapolis-based retailer said it
will open its long-awaited, 130,000-square-foot store in October 2014, but
didn't say when construction will resume after an archaeological study
discovered unidentified iwi kupuna, or Native Hawaiian skeletal remains.
Target has completed the fieldwork for
the archaeological study, which is under review by the State Historic
Preservation Division. Two sets of human remains were found at the site of the
former Don Quijote at 345 Hahani St.
Construction of the store, originally
scheduled to open last July, will take about 10 months to a year, Target
said.
Target will resume construction once the
State Historic Preservation Division and Oahu Island Burial Council approve a
burial plan.
The company earlier said it had revised
plans for the $40 million project to minimize ground disruptions, which includes
leaving the Don Quijote building foundation in place.
"We're working closely with both of those
organizations (Historic Preservation Division and Burial Council) and ultimately
are deferring to them out of respect for the cultural descendants," said Target
spokeswoman Donna Egan. "We're waiting to hear what the next steps are. Until
then we are in a holding pattern, but certainly we're anticipating moving
forward sooner rather than later."
The project, which will employ about 300
workers and generate about 250 construction jobs, has met opposition from a
vocal group of residents who fear the big-box retailer will change Kailua's
small-town charm, bring more people into the quiet neighborhood and cause
further traffic congestion.
Friday, May 10, 2013
PacificBusinessNews-article
May 9, 2013
Officials with Target Corp. are working with descendants of ancient Native Hawaiian burials discovered at the site of the company's planned Kailua store on a burial plan for the remains, which must be approved by Hawaii's State Historic Preservation Division before construction can resume.
KHON reports Target (NYSE: TGT) was to have presented a plan to the Oahu Island Burial Council, which must also give its approval, on Wednesday but the hearing was delayed. KHON reports a Target spokesman says the 130,000 square-foot store, which would be the company's fifth location in Hawaii, is aiming to open in October 2014.
Target, descendants agree on plan for Native Hawaiian burials found at Kailua store site
Officials with Target Corp. are working with descendants of ancient Native Hawaiian burials discovered at the site of the company's planned Kailua store on a burial plan for the remains, which must be approved by Hawaii's State Historic Preservation Division before construction can resume.
KHON reports Target (NYSE: TGT) was to have presented a plan to the Oahu Island Burial Council, which must also give its approval, on Wednesday but the hearing was delayed. KHON reports a Target spokesman says the 130,000 square-foot store, which would be the company's fifth location in Hawaii, is aiming to open in October 2014.
Wednesday, May 8, 2013
KHON-article
May 8, 2013
Iwi stalls construction plans for Kailua Target
Construction on a new Target store in Kailua started nearly two years ago.
So why is it still far from being built?
Part of the problem deals with iwi discovered at the site.
Two sets of remains were found last year and since then, construction has stopped.
The property that was once occupied by the Don Quijote Store remains fenced in and covered with black tarp. Construction began in July 2011 and some Windward Oahu residents have been wondering when the store will open its doors.
“It’s a lot nicer than looking at the eyesore that’s there right now so yeah I welcome that,” says Waimanalo resident Sandee Phillips.
There had been some opposition when the project was proposed, occupying 130,000 square feet.
“There’s a traffic concern, obviously, you bring more traffic in this area and this already sometimes gets a little inconvenient,” says Waimanalo resident Robert Mueller.
That wasn’t enough to stop it. Instead iwi discovered during trenching work now has Target working with Native Hawaiians to work out a burial plan.That burial plan will have to be approved by the State Historic Preservation Division and by the Oahu Island Burial Council before construction can resume.
“We’re hopeful to open the store in October 2014, but again we’re going to be extremely sensitive to the iwi that is in place and make sure that is treated appropriately,” said Target’s Brian Treber.
Treber says the company and the group of descendants have agreed on a plan which was supposed to be presented to the Burial Council Wednesday, but the hearing was delayed. He says there’s been no problems coming to an agreement.
“None whatsoever. It has gone extremely well and we found them to be very wise descendant group with very good recommendations,” he says.
Treber says there’s also no more digging planned for the project, so now it’s a just a matter of getting approval from the state agencies.
Iwi stalls construction plans for Kailua Target
Construction on a new Target store in Kailua started nearly two years ago.
So why is it still far from being built?
Part of the problem deals with iwi discovered at the site.
Two sets of remains were found last year and since then, construction has stopped.
The property that was once occupied by the Don Quijote Store remains fenced in and covered with black tarp. Construction began in July 2011 and some Windward Oahu residents have been wondering when the store will open its doors.
“It’s a lot nicer than looking at the eyesore that’s there right now so yeah I welcome that,” says Waimanalo resident Sandee Phillips.
There had been some opposition when the project was proposed, occupying 130,000 square feet.
“There’s a traffic concern, obviously, you bring more traffic in this area and this already sometimes gets a little inconvenient,” says Waimanalo resident Robert Mueller.
That wasn’t enough to stop it. Instead iwi discovered during trenching work now has Target working with Native Hawaiians to work out a burial plan.That burial plan will have to be approved by the State Historic Preservation Division and by the Oahu Island Burial Council before construction can resume.
“We’re hopeful to open the store in October 2014, but again we’re going to be extremely sensitive to the iwi that is in place and make sure that is treated appropriately,” said Target’s Brian Treber.
Treber says the company and the group of descendants have agreed on a plan which was supposed to be presented to the Burial Council Wednesday, but the hearing was delayed. He says there’s been no problems coming to an agreement.
“None whatsoever. It has gone extremely well and we found them to be very wise descendant group with very good recommendations,” he says.
Treber says there’s also no more digging planned for the project, so now it’s a just a matter of getting approval from the state agencies.
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