Chicago Investor Buys Maui Shopping Center for $342M

The Shops at Wailea at Maui’s Wailea Resort recently changed hands.

The Shops at Wailea at the Wailea Resort in Maui, Hawaii recently changed hands.

The Shops at Wailea

The Shops at Wailea

Chicago investment management firm Heitman Capital Management LLC acquired the 161,626-square-foot property for $342 million, according to the Pacific Business News. The seller was Bill Mills, chairman of Honolulu-based The Mills Group.

JLL, formerly Jones Lang LaSalle, and Leslie Brown Associates will now handle management and leasing for The Shops at Wailea.

Kirk Horiuchi, senior vice president and Hawaii retail market lead for JLL, will head the property’s management assignments while retail leasing veteran Leslie Brown, who owns the eponymous firm, will be in charge of leasing activities.

Open since 2000, the center at 3750 Wailea Alanui Drive features more than 70 shops and restaurants, including Banana Republic, Tori Richard, Tommy Bahama, Quiksilver, Tiffany & Co., Louis Vuitton, Gucci, Honolulu Cookie Co., Martin & MacArthur, ABC Stores, Honolulu Coffee Co., Ruth’s Chris Steak House, Longhi’s, and the state’s first Tommy Bahama Restaurant & Bar.

This is the second purchase of a shopping center on Maui this summer. In July, California developer Burnham USA acquired the Shops on the Green in Wailea for $11 million, with plans to double the retail and office center’s size to 45,000 square feet.

Photo credits: Wailea Association