Ewa Beach mall site sold
The site of the proposed Laulani Village shopping complex in Ewa Beach was sold to Westwood Development Group LLC, which plans to develop the center for an estimated $100 million.
Westwood, a Michigan-based retail developer, bought the 20-acre parcel at the corner of Fort Weaver Road and Keaunui Drive from Hawaiian Asset Management and Investments Corp., also known as Hamico, and San Francisco real estate investment firm Bristol Group Inc. for an undisclosed price.
Hamico and the Bristol Group bought the Ewa Beach property for $12 million in 2004.
Early this year,
Target Corp. backed out of a deal to purchase the site to build one of its first Hawaii stores.
However, an executive familiar with the deal who asked not to be identified said Target remains interested in placing a store on the site in the wake of the deal announced yesterday, which he put at more than $40 million.
Westwood plans to immediately begin construction on a 260,000-square-foot complex, which would be the largest shopping center in Ewa Beach. The center will be anchored by a 55,000-square-foot Safeway store and have space for between 50 and 80 tenants when completed in spring 2009.
CB Richard Ellis, leasing agent for the property, said there are already 55 prospective tenants interested in leasing space.
Wendell Brooks III, who brokered the sale, said there is interest from other big-box stores and "junior" anchors, the names of which he declined to disclose.
Michael Bowen, Westwood chairman and CEO, said the company is looking to build its portfolio here.
"Laulani Village fits perfectly into that strategy," he said.
Westwood is developing roughly 2 million square feet in five states, including Hawaii. The company bought the Lanihau Marketplace in Kailua-Kona last year and is developing the second phase of that project.
"Continued explosive residential growth on the Ewa plain, along with the subsequent increase in automobile traffic, makes this shopping center location exciting," said Aaron Eberhardt, Hawaii director of development for Westwood.