Oaktree sells
866 acres on
Big Island
A San Francisco-based real estate company has acquired 866 acres of residentially zoned land near Waikoloa on the Big Island.
Lynch Investments LLC, through its Waikoloa MA La'I LLC unit, acquired the undeveloped parcel last month from California-based Oaktree Capital Management LLC for an undisclosed price.
Peter Lynch, Lynch Investments' chief executive officer, could not be reached for immediate comment.
The deal was handled by Beverly Hills, Calif.-based Kennedy Wilson Inc. and Hilo broker Joel LaPinta. LaPinta also could not be reached.
The property, located in an area known as Waikoloa Heights, was put on the market since last August at an asking price of $10 million.
Oaktree acquired the land in 2001 for about $16 million after lender Mitsui Trust and Banking Co. instituted foreclosure proceedings in 1994 against Waikoloa Development Co.
During the height of the Japanese investment boom in Hawaii, original developer Waikoloa Heights Association Inc. paid $37.7 million for the raw land, state land records show. The original plan for the property calls for 1,250 residential lots but the parcel has zoning approval for up to 2,205 housing units.
Oaktree currently owns the 443-room Turtle Bay Resort on Oahu's North Shore. In 2001, Oaktree acquired the Ohana Waikiki Hobron Hotel from Japan-based Odakyu Electric Railway Co. for $20 million.