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Kukui Mall Sells at Foreclosure Auction

Bank buys it back; higher bids may be received prior to confirmation.

August 22, 2013
Susan Halas - Contributing Writer (wailukusue@gmail.com) , Maui Weekly

Kukui Mall, a 25-year-old commercial complex at 1819 South Kihei Road, sold at auction on Monday, Aug. 12, for $8 million.

The only recorded bid came from David Nakashima, an attorney with the law firm of Watanabe Ing on O'ahu.

"I bid at the auction on behalf of Wells Fargo Bank N.A., as trustee for the registered holders of Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2007-C5," said Nakashima.

Article Photos

Kukui Mall in Kīhei sold at auction on Monday, Aug. 12, for $8 million.
Photo: Debra Lordan

Public record documents show the building was last sold in October 2007 for $18,749,000 to Wilcal Maui LLC and was subsequently leased to Consolidated Amusement Theatres Inc.

The public auction was conducted by Maui Commissioner Leil Koch on the steps of the Maui County Courthouse in Wailuku. In addition to the successful bidder, about 30 observers attended, many of them Realtors. A few lawyers and some prospective buyers also observed the proceedings.

According to Koch, the next step is judicial confirmation in the First Circuit Court on O'ahu (Civil #13-1-0557-02), where the legal action originated. He said the timeline to conclude the transaction could be from 30 to 45 days, "depending on how busy the judge assigned to the case is."

In the meantime, others who may want to purchase the property can submit subsequent bids that must be at least 5 percent higher than the winning bid at the public auction.

According to the fact sheet distributed by Koch, the complex is zoned B-2. It was built in 1988 on a 4.46-acre site. It presently contains an estimated 40,974 square feet of leasable commercial retail and office space and 300 parking stalls. It also has over 12,000 square feet dedicated to a drainage easement. Annual property taxes for 2012 were almost $78,000.

For further information, contact Koch at 667-9584 or aceman.maui@hawaiiantel.net.

 
 
 

 

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