Princeville Center on Kauai’s North Shore Sells for $51M
- Mar 29, 2015
The Princeville Center retail property on Kauai’s North Shore has a new owner.
According to the Pacific Business News, The Sullivan Family of Cos., the owner of the Foodland supermarket chain in Hawaii, has acquired the shopping mall at 05-4280 Kuhio Highway, along with an adjacent vacant parcel of land, for a combined $51.3 million.
The company formed SFLP Princeville Center Owner LLC and SFLP Sponsor LLC to purchase the properties from Princeville SC LLC, a partnership led by local developer Honu Group. The seller’s other partners include the entities HSC Holdings LLC, Hivan LLC, Strand Hawaii Investors LLC and Delaware corporation Ayrtonco LLC.
Located outside the entrance to the Princeville at Hanalei resort, the 71,000-square-foot Princeville Center is anchored by one of Hawaii’s top-performing Foodland stores. Other tenants include restaurants, ice cream and coffee shops, a general store, as well as the only gas station on Kauai’s North Shore. Meanwhile, the 10-acre lot nearby has the potential to be developed into another 50,000 square feet of retail and 100 residential units.
Princeville SC LLC bought the 19.2-acre property for $40 million in 2006 from Princeville Associates, an entity led by Hawaii developer Jeff Stone that also included Morgan Stanley and Cornerstone Real Estate Advisors.
Princeville Associates owns the entire 9,000-acre Princeville at Hanalei resort, which it purchased from its Japanese owners in 2005 for $200 million. The acquisition included a lodging facility managed by Starwood Hotels & Resorts Worldwide Inc. that was immediately sold to the Los Angeles County Employees Retirement Association. The hotel is scheduled to close for renovations this fall and reopen as Hawaii’s first St. Regis hotel.
Last September, Reignwood International, led by Thai-Chinese billionaire Chanchai Ruayrungruang, purchased 1,103 acres at the Hanalei property for $343 million.
Photo credit: princevillecenter.com