Parker Ranch sells shopping center
A Chicago-based commercial real estate firm, M&J Wilkow Ltd., pays an undisclosed price
Parker Ranch has sold Parker Ranch Center, its regional shopping center on the Big Island, to an affiliate of Chicago-based commercial real estate firm M&J Wilkow Ltd. for an undisclosed amount.
"M&J Wilkow has a highly successful national track record that spans more than six decades," said Chris Kanazawa, Parker Ranch's president and chief executive. "Under their ownership, Parker Ranch Center will continue to grow and serve the Waimea community."
Located in the Big Island's historic upcountry town of Waimea, the 132,000-square-foot center is the community's retail hub, housing anchor tenants such as Foodland, First Hawaiian Bank, Bank of Hawaii, Kaiser Permanente, Starbucks, Blockbuster and the Parker Ranch Store.
M&J Wilkow is expected to maintain the Parker Ranch Center's Western-motif architecture, which reflects the community's paniolo heritage, said Diane Quitiquit, a Parker Ranch vice president.
"From what we've been told by them, that's definitely their interest," Quitiquit said. "They like the culture of Waimea; that's one of the things that interested them."
M&J Wilkow executives were not available for comment.
Kanazawa said that proceeds from the sale will enhance the Parker Ranch Trust's ability to support its beneficiaries, which include North Hawaii Community Hospital, Parker School Trust Corp., Hawaii Preparatory Academy and the Richard Smart Fund.
Founded in 1939, M&J Wilkow and its affiliates provide services to more than twenty-five properties in the United States with an aggregate value of approximately $800 million. They employ more than 100 people in Chicago, San Francisco, Atlanta, Minneapolis and other mainland cities.
The Parker Ranch Center is its first Hawaii acquisition.
"We appreciate being selected as the new owners and entrusted to protect the historical significance of the Parker Ranch Center," said David Harvey, partner of M&J Wilkow. "Our company understands the importance of maintaining the value of Parker Ranch Center to both the Waimea Community and tourism alike."
Wells Fargo Bank subsidiary Eastdil represented Parker Ranch in the sale.