West Maui center sold for $25.5M
Kahana Gateway Center in West Maui, which last changed hands for $19.4 million three years ago, has been sold for $25.5 million to Kahana Partners LLC.
Constructed in 1990, Kahana Gateway Center sits halfway between Kaanapali and Kapalua and is convenient to residents and tourists alike. The 80,070-square-foot mixed development center is anchored by Outback Steakhouse and includes the Gallerie Hawaii, Roy's Kahana Bar & Grill, Whaler's General Store, Consolidated Resorts and St. Francis Medical Center among its other major tenants.
Triple Net Properties LLC, the California investment company who most recently owned the center, purchased it in 2002 from its developer, a partnership between the late founder of Foodland Super Market Ltd. and McDonald's Corp.
The firm invested in Crossroads Center on the Big Island in 1999 before selling 13 months later. Triple Net manages a growing portfolio of more than 26 million square feet of commercial properties and 1.8 million square feet of multi-family properties with a combined market value of $3.4 billion.