New retail center to open in Pearl City in mid-2008
Manana Village Center will be built near Pearl Highlands
MANANA Village Center, a new retail center, is under development on a 6.65-acre parcel near the new Pearl City Wal-Mart, with a target completion date in the second quarter of 2008.
The retail center would be the last piece of the puzzle in the cluster of developments sprouting up on former city land along Kuala Street near Wal-Mart, a short drive from Pearl Highlands Center.
Los Angeles-based
Arroyo Pacific Partners is developing the retail center, which is expected to offer 100,000 square feet of leasable space -- a combination of offices, retail shops and restaurants.
The $14.5 million deal on the land, listed by Sofos Realty and Cushman & Wakefield, is expected to close in mid-April.
A NEW retail center is in the works for a 6.65-acre parcel near the new Pearl City Wal-Mart store.
The Manana Village Center site is the last city-owned parcel on Kuala Street to be sold off to developers. It is near two other recently sold parcels, slated for the Lock Up Self Storage and Pearl City Gateway, another large retail center.
The $14.5 million deal on the land, listed by Sofos Realty and Cushman & Wakefield, is expected to close in the middle of April. Manana Village Center is expected to open the second quarter of 2008.
MANANA VILLAGE CENTER
» Size: 6.65 acres
» Expected completion: Second quarter 2008
» Developer: Arroyo Pacific Partners
» Leasable space: 100,000 sq. ft.
» Leasing Agent: CB Richard Ellis
» Neighbors: Lock Up Self Storage, Pearl City Gateway, Pearl City Wal-Mart, Pearl Highlands Center
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The developer is
Arroyo Pacific Partners, a group of Los-Angeles-based investors that acquired several properties on Oahu, including Airport Center, the Cushing Building, better known as the Hawaii Agriculture Research Center, and the Ocean View Center and Haseko Center downtown.
Arroyo made its first Hawaii acquisition in late 2004, with the Airport Center purchase. All four properties were put back on the market late last year by Buchanan Street Partners. The 100,000-square-foot retail center would be Arroyo's first new development in Hawaii.
If completed, the retail center would be the last piece of the puzzle in the cluster of developments on former city land around the new Pearl City Wal-Mart and Pearl Highlands Center.
CB Richard Ellis is leasing the available spaces, which include retail, office, fast food and restaurants. Full-service rates average around $5 per square foot per month.
An initial site plan shows room for one 20,000-square-foot anchor, along with a restaurant measuring about 6,000 square feet and plenty of parking.
Since Wal-Mart opened in Pearl City in January of last year, the area has become a magnet for other retail projects on surrounding parcels along Kuala Street.
Robertson Properties Group is developing Pearl City Gateway, a 150,000-square-foot shopping center on 13.5 acres slated for completion in the summer or fall of 2008.
The Lock Up, a new self-storage outlet from a Chicago-based company, is going up on about 2.2 acres on the same side of Kuala Street. It is expected to open in May.
Across the street, between the park and bus facility, a longtime Maui-based pipe supplier, Irrigation Systems Inc. dba ISI Hawaii, is planning to relocate its operations from Iwilei onto a 6.7-acre site. Branch manager Mike Hamamoto said it is tentatively expecting to move in May of next year.
Albert K. Fukushima, chair of the Pearl City Neighborhood Board, said his main concerns with all the new developments are that developers follow through with adequate traffic improvements in the increasingly dense corridor.
The sale of the city and county Manana lands -- 46 acres in all -- were divided to be sold off by three brokers including Colliers Monroe Friedlander, CB Richard Ellis and Sofos Realty. The city was hoping for more than $57 million in proceeds to pay for the settlement of its lawsuit over land near Sandy Beach.
