New Owners Plan To Upgrade Waianae Mall

Wednesday - October 20, 2010
By MidWeek Staff
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CBRE Hawaii and CBRE’s National Retail Investment Group-West announced the completed $25.7 million sale of Waianae Mall in June by 3D Investments to real estate investment trust Thompson National Properties Strategic Retail Trust Inc., an affiliate of Thompson National Properties LLC.

The retail trust’s acquisition of the mall also entailed the assumption of all existing debt on the property, which included a conduit-style loan of approximately $20.7 million with an interest rate of 5.39 percent due by November 2017.

The retail center is the only one of its kind on the Leeward Coast, consisting of 11 buildings housing 43 tenants in 170,275 square feet of retail space on 15.62 acres of land. Major tenants include City Mill, Longs Drugs, Starbucks, Pizza Hut, Subway, RadioShack, Payless ShoeSource, Jamba Juice, Goodyear and Fantastic Sam’s.

CBRE’s lead broker in the sale, Phil Voorhees, noted that the center accounts for nearly 10 percent of the commercially zoned land in Waianae and does not fall within the Special Management Area, unlike most of the western coastline of Oahu, which allows for easy redevelopment or expansion of the center.

“We are planning some upgrades and improvements,” added Steve Corea, senior vice president of acquisitions at the California-based TNP, “but we have no plans to redevelop the property.”

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