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.
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