Watumull buys two lots in Kahului
Industrial area parcels were firm’s second purchase on Maui in 2019
The Maui News
Watumull Properties has purchased two Kahului industrial lots with tenants Herc Rentals and SpeediShuttle Tours and Transportation for $3.1 million.
The two lots at 150 Paahana St. and near the Maui Mall are 0.82 acres, and the deal closed on Dec. 30, Watumull said Monday.
The seller was Azalea Communications LLC, whose managers are listed as Cecil and Patricia Morton in state business reports. Cecil Morton is listed as CEO and Patricia Morton an owner for SpeediShuttle, according to LinkedIn.
“We are pleased to have this opportunity to work with the seller on this off-market opportunity, which demonstrates our commitment and belief in Maui,” said JD Watumull, president of Watumull Properties Corp. “We have a positive outlook on Maui’s future, especially when supported by quality tenants.”
The Kahului purchase was Watumull’s second on Maui in 2019. Earlier in the year, a Watumull company purchased two two-story buildings, which included the Minds Eye Square in Lahaina, for $5 million. The sellers were Patricia Losberg, as trustee under the Josef and Patricia Losberg Trust, and Pensco Trust Co. for the benefit of Patricia Diane Losberg IRA.
Watumull Properties also owns a variety of Maui properties, including the Midway Center; 340 Hana Highway; 74 Lono Avenue; 283 Lalo; and West Maui Center.
Keoni Fursse, principal broker and owner of Kokua Realty, represented the buyer and will be managing the building and property, Watumull said.