Grove Farm
sells Kukui Grove
Shopping Center

Twenty-three years after developing Kauai's largest shopping center, Grove Farm Land Corp. has sold the Kukui Grove Shopping Center to the Kukui Grove Center Investment Group Inc., Grove Farm said yesterday.

Grove Farm declined to disclose the sale price or the principal investors of Kukui Grove Center Investment Group, which was incorporated in May.

Warren Haruki, Grove Farm's president and chief executive, was not available for an interview. Sharla Montvel-Cohen, a spokeswoman for Grove Farm, said she was "not at liberty" to provide information on the buyer and that a spokesperson for the buyer was not available for comment.

Developed in 1982, Kukui Grove underwent major renovations in 1992 after Hurricane Iniki and had a $15 million facelift completed least year. The 35-acre mall houses 50 specialty stores, a theater complex and anchor tenants such as Macy's, Sears and Star Market.

Grove Farm intends to donate $250,000 in proceeds from the sale to Kauai charities, the company said in a news release. Other proceeds will be used to pay down debt on the property, to develop affordable housing on Kauai and to develop commercial and industrial land in Lihue.

"Grove Farm will now focus more fully on additional real estate developments, particularly on affordable housing," Haruki said in the release. "A major announcement on an upcoming housing project is expected in the next month."

But details about the new owner were scant. Although the release described Kukui Grove Investment Group as having "a good track record in retail ownership and management," Grove Farm provided no details about this record and identified the buyer only by a name registered with the state on May 18.

Kukui Grove Center Investment Group's mailing address is the same as a Dallas realty firm. But Montvel-Cohen said the firm, L&B Realty Advisors Inc., is only a representative of the buyer.