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California firm
buys Hilo center
A Southern California investment company looking to grow its Hawaii portfolio has purchased Hilo's Waiakea Center, the second-largest shopping center on the Big Island.
Diversified Equity Investment Corp., an Irvine, Calif.-based company affiliated with the Piilani Shopping Village on Maui and the Crossroads center in Kailua-Kona, bought Waiakea Center from the Maryl Group Inc. for an undisclosed price, said Wendell Brooks, vice president of PM Realty Group, which coordinated the sale.
The 231,000-square-foot retail center is on Makaala Street, about three miles from Hilo Airport. The center was built in 1997 on 18 acres, and is anchored by Wal-Mart, Ross Dress for Less, Borders Books, Music & Cafe, Office Max and Chevron.
"This is a very busy shopping center located in a prime location that has produced strong demand," Brooks said. "It stays consistently busy and has one of the top Wal-Marts in terms of sales."
The center, which is about 98 percent leased, already has three offers on the remaining space, Brooks said.
The new owner will continue to seek additional retail properties within Hawaii, Brooks said. "They are very bullish on Hawaii," Brooks said.
"Quality projects are being put on the market and selling statewide from Princeville to Hilo," he said. "All sectors from retail to resort and industrial are being looked at very carefully -- it's definitely a hot market."
PM Realty Group has also been awarded the construction management, property management and leasing services assignments for the shopping center.
