Pacific Business News - A Mainland investor recently purchased the Longs Drugs-anchored 17,897-square-foot Kihei Shopping Center on Maui from an affiliate of a New York-based real estate investment trust called Kimco Realty Corp. for $7.2 million, Joseph Leonardo, of the Honolulu real estate firm Joseph C. Leonardo & Co., told PBN.
Leonardo represented the buyer, whom he declined to name, in the sale. Honolulu-based Commercial Consultants Inc. represented seller Kimco Realty, which owns and operates North America's largest portfolio of neighborhood and community shopping centers.
Brooks Borror, managing director of Commercial Consultants, previously told PBN that Kimco Realty was looking to exit the Hawai'i market and focus on its Mainland properties.
The nearly two-acre, fee-simple Kihei Shopping Center located at 1215 S. Kihei Road, was its lone Hawai'i asset. The shopping center's 15 tenants include Longs Drugs, Rent-A-Center, Birkenstock, Boss Frogs, Maui Brick Oven Pizza and Maui Dry Cleaners. The sale did not include the Longs/CVS property or building or the Longs/CVS undeveloped land pads, Leonardo said.