JLL Capital Markets arranged the sale of the 135,996-square-foot Lahaina Gateway in Western Maui
News release
20 December 2022
Hawaii grocery-anchored retail center trades for $37.25M
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LOS ANGELES, Dec. 20, 2022 – JLL Capital Markets announced today that it has closed the $37.25 million sale of the 135,996-square-foot, grocery-anchored Lahaina Gateway located in Lahaina, Hawaii (within Western Maui).
JLL represented the seller, an institutional investment firm. U.S. Realty Partners, Inc. of Westlake Village, Calif., acquired the asset.
The sales process started with the center 77% occupied with negotiated leases that will bring the occupancy up to 90%. Lahaina Gateway is one of the newest shopping centers in Western Maui anchored by Foodland Farms, Ace Hardware and Ross with a diverse mix of health, beauty, food, auto care and financial services. The additional tenants include Vitamin Shoppe, Supercuts, Local Motion, Maui Powerhouse Gym and more.
Situated at 325-355 Keawe St., the property benefits from an ideal location on one of the main thoroughfares in Maui, the Honoapiilani Highway. The 11.35-acre site provides excellent visibility and accessibility due to its extensive frontage and two points of ingress/egress on Keawe Street. The recent completion of the Lahaina Bypass now provides additional access to Keawe Street from the west, and the property sees over 80,000 cars per day traffic count.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Bryan Ley, Gleb Lvovich, and Geoff Tranchina and Senior Vice President Keenan Sue.
“The sale of Lahaina Gateway continues to show the desire of investors for strong grocery-anchored shopping centers in high barriers-to-entry markets,” Ley said. “Lahaina Gateway is located at a marquee intersection in Western Maui, and it will only get better with time with the opening of the new tenants coming to the center.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.