King’s Shops
sells for $76M

A Connecticut-based company paid $76.4 million for the King's Shops at the Big Island's Waikoloa Beach Resort.

State land records show that a local affiliate of CoastWood Capital Group LLC paid $1,091 per square foot for the high-end retail center, or more than double the center's original development cost.

The deal, which was completed on Jan. 27, was initially reported by the Star-Bulletin more than a month ago, but the seller, a unit of the Waikoloa Development Co., did not disclose the price at the time.

Officials with CoastWood Capital and Waikoloa Development could not be reached for immediate comment yesterday.

Completed in 1992, the King's Shops was designed by local developer Alan Beall at a cost of about $35 million. In 2000, the owners added 19,000 square feet of retail space for about $10 million.

Tenants include Louis Vuitton, DFS Galleria, Macy's and Crazy Shirts.

This is the second major Hawaii acquisition for CoastWood Capital.

Two years ago, the investment company teamed with Los Angeles-based Somera Capital Management LLC and Seligman Western Enterprises Ltd. to buy the 570,000-square-foot Queen Kaahumanu Center on Maui from Maui Land & Pineapple Co. for about $75 million.