Kailua Macy’s building may convert to shopping-dining complex, Alexander & Baldwin exec says
By Duane Shimogawa
A combination of restaurant and shopping options could be replacing theMacy's store in Kailua in Windward Oahu after it closes down in early 2016, the head of Alexander & Baldwin Inc.'s subsidiary's Kailua operations confirmed to PBN.
Jon Moyer, director of asset management in Kailua for A&B Properties Inc., which owns the ground lease of the building that Macy's occupies, told PBN on Friday that Alexander & Baldwin (NYSE: ALEX) is considering this mixed option for the site.
"We are saddened by the loss of Macy's," he told PBN in an email.
On Thursday, PBN broke the news that Macy's Kailua location, which was built in 1946 as a Liberty House store, was closing down early next year.
The Cincinnati-based retailer decided not not renew its ground lease, which ends on Dec. 31, 2015.
The 61,577-square-foot building on Kailua Road leaves lots of opportunities for other retailers and restaurants once it opens up after Macy's moves out.
Moyer did not specify any brands it would like to move into the highly-visible space in the increasingly popular Windward Oahu beach town, which gained a new Target store in March.
A&B Properties acquired the leasehold interest in the property in 2013 as part of a larger $375 million purchase involving most of the commercial town core of Kailua.
Macy's (NYSE: M) has about a dozen stores in Hawaii, and is opening its first West Oahu location at DeBartolo Development's planned Ka Makana Alii mixed-use project in East Kapolei.
http://www.bizjournals.com/pacific/blog/morning_call/2015/08/kailua-macy-s-building-may-convert-to-shopping.html
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