Kaanapali retail mall sells for $14M
The Fairway Shops at Kaanapali has sold for $13.97 million to a Mainland buyer, according to seller representative Matthew Bittick, senior vice president with CBRE Capital Markets in Hawaii.
The sale was a leasehold transaction, meaning that the fee simple ownership of the 35,491-square-foot center remains unchanged, said Bittick, who represented former leaseholder Jupiter Holdings in the deal.
The property’s 19 tenants include Whalers General Store, Maui Adventure Group and One Main Financial. Bittick said he had not heard of any plans to change the center’s tenants or for any property upgrades.
The property also has five restaurants — China Bowl Asian Cuisine, CJ’s Deli & Diner, Island Press Coffee, Round Table Pizza and Sangrita Grill + Cantina.
The sale was concluded at the end of July, and it was slightly above the asking price of $13.92 million.