Institutional Property Advisors Exclusively Offers for Sale Grocery-Anchored Shopping Center on the Big Island of Hawaii
“Built in 2019 on 9.93 acres of fee simple land in the Puna District of Hawaii, Puna Kai Shopping Center is the first center of its kind to be constructed in the trade area in nearly 30 years,” said Tom J. Lagos, IPA executive director. “With 37% population growth over the last 10 years and 86% over the last 20, the Puna District is the Big Island’s fastest-growing area.” Lagos and Patrick Toomey, IPA executive director, are representing the seller, Meridian Pacific Ltd., a private developer based in California and Hawaii. David Asakura of Commercial Asset Advisors LLC is Marcus & Millichap’s broker of record in Hawaii. “Puna Kai Shopping Center is anchored by Malama Market, a brand of Foodland- the dominant grocer in Hawaii, and this store ranks in the chain’s top 10% in sales,” added Toomey. “The shopping center draws from a broad area of the island, including Hilo, Pelepeeko and Kalapana, and its first-class grocery anchor, synergistic mix of tenants, and community activities make it essentially, a town square for the region.”
The Puna District has grown by nearly 20,000 residents in the past two decades and its rapid growth and affordability have fueled the construction of new developments throughout the area. The property’s trade area includes over 9,500 hotel, condo, and timeshare visitor units, which add 30,000 people to the market. Tenants at the Puna Kai Shopping Center include McDonald’s, O’Reilly Auto Parts, Fitness Forever, Goodwill, Family Health & Wellness, Aloha Petroleum, Kalbi and Pahoa Veterinary Hospital.
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Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.