California firm buys Manoa Marketplace for $25 million
The property went on the market only seven months ago and drew 15 purchase offers
The Manoa Marketplace has been sold to a Santa Monica, Calif.-based real estate investment company for its asking price of $25 million.
Levy Affiliated Holdings, a real estate private equity firm, bought the shopping center from M/V Investment Partners under the title of Manoa Marketplace LLC. Manoa Marketplace is Levy's first Hawaii investment.
The leasehold shopping center, which measures about 140,000 square feet, is anchored by Safeway and Longs Drug, and has about 60 tenants.
Barbara Kreis, senior vice president of Sperry Van Ness of Irvine, Calif., represented both parties in the transaction.
She said the property went on the market about seven months ago and drew 15 offers.
"It's obviously a premiere center and it's well-maintained," Kreis said.
The marketplace is about 98 percent occupied. While the major anchors have been longtime tenants, there has been some turnover for smaller tenants.
Donato's Restaurant, for instance, decided not to renew the lease for its second-floor space at Manoa Marketplace. Donato's closed its doors in February; the space is now occupied by Sweet Thai Basil.
Chef-owner Donato Loperfido closed Donato's to focus on his vineyard in northern Italy.
The center also includes a standalone McDonald's and a two-story professional building with dentists, chiropractors and fitness trainers.
Ralph Gray of M/V Investment Partners bought the center 15 years ago. The ground lease of Manoa Marketplace expires in 18 years.
The new owners are only planning minor renovations, and no major changes.
Levy Affiliated holds a portfolio of 43 properties valued at close to $500 million, mostly in the Los Angeles metropolitan area, but reaching as far as North Carolina.