Parker Ranch puts Big Isle
retail center up for sale

The owner of the Parker Ranch Center on the Big Island has hired a mainland real estate broker to explore the sale of the 121,000-square-foot retail property.

The Parker Ranch Foundation Trust said yesterday that it has hired Eastdil Realty Co. of Los Angeles to prepare a marketing plan and valuation study for the potential sale of the newly renovated center.

"Market analysts have advised us that it is the opportune time to harvest the center's value," said Chris Kanazawa, Parker Ranch's president and chief executive officer. "Given the demand for real estate investments and the favorable interest rate environment, a great deal of interest in this property is anticipated."

Kanazawa said that any proceeds would be reinvested to "provide a more stable cash flow and investment income with more predictable returns."

The new Parker Ranch Center opened in the fall of 2002 and tenants include Foodland Super Market, Bank of Hawaii, First Hawaiian Bank, Kaiser Permanente and the Parker Ranch Store.

The Parker Ranch Visitor Center & Museum and the Nature Conservancy also are tenants.

The proposed sale also will include the nearby KM Seed and Campbell buildings. The Kahilu Theatre will not be a part of the offering.

The Parker Ranch is one of the largest and oldest cattle ranches in the country, with more than 175,000 acres near Waimea and the Kohala and Mauna Kea mountains.

The ranch is owned by the Parker Ranch Foundation, which serves four local charities, including the North Hawaii Community Hospital.