Times to exitTimes Super Market plans to move out of the Niu Valley Shopping Center, presenting a crossroads for the nearly 40-year-old neighborhood hub.
Niu Valley center
A property manager representative
says a retailer is being sought
to fill the super-market vacancy
By Tim Ruel
A representative for property manager Marcus & Associates confirmed that the owner is shopping around for a sizable tenant to replace the supermarket.
Times, an Oahu chain founded by the Teruya family, did not return calls seeking comment yesterday, and no timeline for the move was available.
East Oahu retailers have been facing stiff competition ever since Costco Wholesale opened a couple miles down the road in Hawaii Kai in 1992, local brokers said. Costco's shoppers are increasingly treating the 110,000-square-foot warehouse like a supermarket, visiting more often for smaller purchases.
"That's the future," said retail analyst Stephany Sofos.
Times is by far the Niu Valley center's largest tenant, taking up about 38,000 square feet out of 74,000 square feet of space. Other tenants include two recently established Euro-style restaurants, Swiss Haus and Le Bistro, as well as a handful of doctors.
The center hopes to fill the space with a junior retailer, and is in preliminary discussions with several prospective tenants, said Peter Lee, vice president and Realtor at Marcus & Associates.
Available space ranges from 20,000 to 60,000 square feet, he said.
Niu Valley Shopping Center was originally developed in 1962 by Edward Brennan and sold in 1992 to the Hawaii Electricians Pension Trust for $12.9 million in fee simple, records show.
Lee said the vacancy is renewing plans to modernize the center, depending on who moves in.
The property comprises half a dozen separate buildings that were developed sporadically over time, each with a different look. A more consistent appearance could be achieved without a major rebuild, Lee said.
"We actually feel very confident about the center itself," said Lee.
It's a tough time to be looking for anchor tenants, however, said local broker Steve Sofos. The electricians pension fund should do a full-scale redevelopment, he said.
A boutique shopping center would appeal to Oahu retailers, who have little space to choose from east of Kahala.