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Macadamia orchard sold on the Big Island


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POSTED: Thursday, December 03, 2009

A 736-acre macadamia nut orchard in Keaau on the Big Island has been sold to Geyser Keaau Hawaii LLC, a unit of California-based Geyser Holdings, for undisclosed terms.

Geyser is not getting into farming per se, said Mark Bratton, a vice president at Colliers Monroe Friedlander.

“;With an in-place farming and nut purchase contract, this is a great asset requiring minimal site management by the new owner,”; he said in a statement.

Mauna Loa Macadamia Nut Co., a subsidiary of the Hershey Co., will buy the orchard's output.

It is a “;net lease deal”; in which the property is leased by an operator and Geyser will be collecting rent, which “;goes up a bit”; every two years, Bratton said.

The orchard was sold by Keaau Macadamia Land LP and Roland and Eleanor Herberg of San Diego for estate planning reasons, Bratton said.

The purchase expands Geyser's portfolio of commercial real estate, primarily in resort retail and hospitality, to more than $400 million.

Its Hawaii holdings include Poipu Shopping Village on Kauai and an interest in King Kamehameha's Kona Beach Hotel on the Big Island.