Marketplace at Kapolei
sells for $19.2M

A California-based company paid $19.2 million for the Marketplace at Kapolei retail center.

Kapolei Marketplace LLC completed its purchase of the leasehold interest in the 64,000-square-foot shopping center on Jan. 11, according to state land records.

The price was nearly double the $10 million that the sellers -- the Gresham Co. of Maui, Pacific Acquisitions Ltd. of Honolulu and Phoenix-based Huco-Pacific Development Co. -- spent in 2002 to develop the center.

John Morioka, the center's general manager and Pacific Acquisitions' treasurer, did not return calls for comment.

Sam Siam, the buyer's Thousand Oaks, Calif., partner, could not be reached.

The deal underscores the growth in retail industry in the second city of Kapolei and in nearby areas.

The MacNaughton Group and local builder Kobayashi Group recently announced plans to build a 200,000- to 300,000-square-foot regional shopping mall called Kapolei Commons near the H-1 freeway on Kalaeloa Boulevard.

Last month, the owners of the Waianae Mall placed the 169,000-square foot center on the market for $23 million.

The Marketplace at Kapolei is next to the Kapolei Shopping Center on leasehold land owned by the Estate of James Campbell.