Institutional Property Advisors Exclusively Offers Three Shopping Centers for Sale in Hawaii
May 16, 2025
EL SEGUNDO, Calif., May 16, 2025 – Institutional Property Advisors (IPA) announced today the exclusive fee-simple offering of the Hawaii Retail Collection, a 726,858-square-foot, three-property shopping center portfolio in Lihue, Kauai, and Kahului, Maui, Hawaii. The properties are Kukui Grove, Kukui Marketplace, and Maui Marketplace. Available for purchase individually or as a portfolio, the sum of the three assets is expected to trade in the $150 million-plus range.
“This is a rare Hawaiian fee-simple value enhancement opportunity, offered at a fraction of replacement costs,” said Tom Lagos, IPA executive director. “All three centers have opportunities for net operating income growth through lease-up, expansion, and pad development.” Lagos and IPA’s Patrick Toomey and Jose Carrazana are representing the seller, in association with Adam Attia, Marcus & Millichap’s broker of record in Hawaii. “Kukui Grove and Maui Marketplace come with robust tenant interest for vacant spaces that a new operator can immediately capitalize on,” said Toomey. “Due to lack of supply and increasing tenant demand, retail rents on Kauai increased by 5.91% and occupancy rose to 90.05% in 2024. Kahului, Maui’s overall retail market, continues to absorb displaced retailers impacted by the Lahaina fires, with average asking base rents up 2.1% year-over-year and net absorption turning positive, which supports greater leasing activity and rent growth.”
Kukui Grove, Kauai’s largest shopping center, is a 328,827-square-foot, 68% occupied open air retail hub anchored by Times Supermarket, Longs Drugs, and Ross Dress for Less. Kukui Marketplace is a Target-anchored, 145,653-square-foot, 94.9% occupied center adjacent to Kukui Grove. Target generates 84% of the income and has 17 years of lease term remaining.
Maui Marketplace is a 252,378-square-foot, 62.8% occupied shopping center in a hub of locals and tourists. The tenant roster includes Seafood City, Ross, Barnes & Noble, and Old Navy with additional national anchor leasing substantially underway.
“This is a rare Hawaiian fee-simple value enhancement opportunity, offered at a fraction of replacement costs,” said Tom Lagos, IPA executive director. “All three centers have opportunities for net operating income growth through lease-up, expansion, and pad development.” Lagos and IPA’s Patrick Toomey and Jose Carrazana are representing the seller, in association with Adam Attia, Marcus & Millichap’s broker of record in Hawaii. “Kukui Grove and Maui Marketplace come with robust tenant interest for vacant spaces that a new operator can immediately capitalize on,” said Toomey. “Due to lack of supply and increasing tenant demand, retail rents on Kauai increased by 5.91% and occupancy rose to 90.05% in 2024. Kahului, Maui’s overall retail market, continues to absorb displaced retailers impacted by the Lahaina fires, with average asking base rents up 2.1% year-over-year and net absorption turning positive, which supports greater leasing activity and rent growth.”
Kukui Grove, Kauai’s largest shopping center, is a 328,827-square-foot, 68% occupied open air retail hub anchored by Times Supermarket, Longs Drugs, and Ross Dress for Less. Kukui Marketplace is a Target-anchored, 145,653-square-foot, 94.9% occupied center adjacent to Kukui Grove. Target generates 84% of the income and has 17 years of lease term remaining.
Maui Marketplace is a 252,378-square-foot, 62.8% occupied shopping center in a hub of locals and tourists. The tenant roster includes Seafood City, Ross, Barnes & Noble, and Old Navy with additional national anchor leasing substantially underway.
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About Institutional Property Advisors (IPA)
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.