Maui center goes on the market
Maui Marketplace in Kahului, Hawaii, has gone through some lean times and is now up for sale.
JLL has been brought in to market the property and handle management and leasing of the property by the owner, Alaska Permanent Fund Corporation, and its advisor L&B Realty. The 263,000-sq.-ft. center near Kahului Airport is only 35% occupied.
“The center has significant upside through redevelopment and re-leasing for investors looking to acquire an improved shopping center for a fraction of the cost it would take to build a new one,” said Tom Lagos of JLL’s retail leasing team. “Potential owners would benefit from Maui’s historically high retail occupancy and a reinvigorated demand from retailer’s for space on the island.”
Current tenants at Maui Marketplace include Burger King Old Navy, Pier 1, Jamba Juice, Petco, and Starbucks.
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JLL has been brought in to market the property and handle management and leasing of the property by the owner, Alaska Permanent Fund Corporation, and its advisor L&B Realty. The 263,000-sq.-ft. center near Kahului Airport is only 35% occupied.
“The center has significant upside through redevelopment and re-leasing for investors looking to acquire an improved shopping center for a fraction of the cost it would take to build a new one,” said Tom Lagos of JLL’s retail leasing team. “Potential owners would benefit from Maui’s historically high retail occupancy and a reinvigorated demand from retailer’s for space on the island.”
Current tenants at Maui Marketplace include Burger King Old Navy, Pier 1, Jamba Juice, Petco, and Starbucks.
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