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Tuesday, September 12, 2000

Restaurant Row being sold

New Michigan owner also
gets Waterfront Plaza

By Tim Ruel

The owner of Waterfront Plaza and Restaurant Row in Kakaako has agreed to sell both to a Michigan real estate company, the property's manager said today.

Kojaian Management Corp. of Bloomfield, Mich., has a contract to buy the leasehold property from One Waterfront Plaza later this month or early next month, said Andrew Friedlander, chief executive of Colliers Monroe Friedlander Inc. Colliers assumed management of the property last year.

Teachers Insurance & Annuity Association bought the 12-year-old Waterfront Plaza and Restaurant Row in a foreclosure auction for $50 million two years ago. One Waterfront Plaza is Teachers' local affiliate.

The purchase would not include the land under the property, which is owned by Kamehameha Schools. Restaurant Row's tenants have been informed of the pending change of ownership.

The 8.7-acre leasehold complex includes seven five-story buildings, 525,000 square feet of office and retail space and 1,200 parking stalls, Friedlander said.

Kojaian has more than $1 billion in property under its belt already, and wants to tap Hawaii's recovering market, Friedlander said.

Kojaian Management officials declined comment.

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