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California firm buys Kauai shopping center

A California-based real estate investment firm has purchased the Kauai Village Shopping Center near Kapaa for $26.9 million and says it is looking for more Hawaii retail properties.

Passco Real Estate Enterprises Inc. of Irvine, Calif., bought the shopping center from the Massachusetts-based Alevizos Group, which developed the property in 1989.

Passco, which pools the resources of many investors for its purchases, made the acquisition with 22 investors. It said Hawaii retail properties are attractive due to the quickening pace of economic growth and low unemployment, and the company is seeking other investments.

"We like Hawaii's growing economy and the barriers to entry that mean it is unlikely there will be competition," said Thomas Jahncke, a Passco senior vice president.

On Kuhio Highway in Waipouli, the shopping center is one of Kauai's largest at 113,000 square feet. It is anchored by Safeway and Longs Drug stores and features a range of local and national-chain retail tenants.

Isle gas prices left out of decline

U.S. gasoline prices continued their decline, falling to a national average of just over $1.89 a gallon for regular grade last week, the Energy Department reported yesterday.

The 2.6 cents a gallon decrease marked the sixth week that gasoline prices have dropped nationwide after reaching $2.06 a gallon in the week ending May 22.

But in Hawaii, the Honolulu average gas price was barely changed from a month ago at $2.234 a gallon, while the Hilo average hit a record $2.403 a gallon, according to AAA. In Wailuku, Maui, the average was $2.629.

Japanese tourism to take off

Japanese travel to Hawaii will increase more than 18 percent during the July-August peak travel season, according to a survey from JTB Corp., Japan's largest travel agency.

The number of Japanese traveling to the U.S. mainland is expected to rise 11.3 percent, the agency said.

Overall, the number of Japanese taking overseas trips will probably jump 30 percent during the July-August peak travel season as concern about SARS fades and an economic recovery boosts demand, according to the survey.

Demand has rebounded since the deadly severe acute respiratory syndrome virus last year put people off traveling to China, Hong Kong and other affected regions. A gain in consumer sentiment is also helping boost demand for overseas flights at Japan Airlines Corp. and All Nippon Airway Co., the country's two largest carriers.

Benefits of Pacific growth touted

Hawaii businesses are in prime position to take advantage of the developing economies of the Pacific islands, a top federal administrator said yesterday.

"Hawaii is really the leader of the U.S.-affiliated Pacific," said David Cohen, deputy interior secretary for insular affairs. "It has the institutions, it has the cultural ties and it has the geographical proximity."

Cohen was in Hawaii to promote a September Interior Department conference promoting business and development opportunities in the United States' seven island jurisdictions -- which include the U.S. territories Guam and American Samoa, the U.S. Commonwealth of the Northern Marianas, and three independent nations: the Federated States of Micronesia, the Republic of the Marshall Islands and the Republic of Palau.

Cohen noted that under new partnership agreements, the United States is providing $3.5 billion over the next 20 years to the Federated States of Micronesia and the Republic of the Marshall Islands alone.

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[Hawaii Inc.]

NEW JOBS

>> The Halekulani Corp. has appointed Asami I. Arita as Waikiki Parc Hotel sales account executive. She will be responsible for generating sales, establishing new accounts and managing client relations in the Asian market. She previously worked for the Hawaii Visitors & Convention Bureau as coordinator of market-based promotions and public relations for Japan.

>> KHON has announced the return of Ken Wilson as a general assignment reporter. His last work on the air for KHON was as sports director and anchor in the early 1970s. Since leaving Hawaii, Wilson, a Michigan journalism graduate, has been the television voice of the St. Louis Blues professional hockey team.

>> Team Vision, a marketing and Web development agency that specializes in integrating traditional advertising with Internet solutions, has named Brennan Simcock as creative director. He most recently served as Starr Seigle Communications creative director.

>> Prudential Locations LLC has hired Dan Tabori as executive vice president of business operations. He most recently was vice president for Allegis.

>> Milici Valenti Ng Pack has hired two employees. Susanne Rehnmark-Westling has been hired as a junior graphic designer. Sora Kwon has been hired as an account executive. She will be responsible for the Mauna Lani, Wailea Beach Villas and Starwood accounts. She previously worked for DFS Merchandising as a buyer.