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Big Island's Second Largest Shopping Center Sells

HILO, HI-An affiliate of Diversified Equity Investment Corp. of Irvine, CA, pays about $18 million for Waiakea Center, a 231,000-sf retail center here that includes a Wal-Mart, Ross, Border's Books, Office Max and Chevron.

By Brian K. Miller | Updated on August 31, 2004

HILO, HI-Waiakea Center, the second largest retail center on the Big Island has a new owner. An affiliate of Diversified Equity Investment Corp. of Irvine, CA, has acquired the center from its developer, Maryl Group Inc. The parties involved in the transaction aren’t releasing the price, but local sources tell GlobeSt.com the property sold for around $18 million, or about $78 per sf.Waiakea Center is a 231,000-sf retail center located three miles from the Hilo airport at 315-325 Makaala Street. Maryl Development built the center on 18 acres in 1997. Its primary tenants are Wal-Mart, Ross, Border’s Books, Office Max and Chevron. Wal-Mart and Chevron are on ground leases. Occupancy at the time of sale was about 98%.The purchase gives Diversified Equity three properties in the state. The company also is affiliated with the Piilani Shopping Village on Maui and the Crossroads center in Kailua-Kona.The transaction was brokered by Wendell Brooks, a vice president of PM Realty Group. PM Realty also was handed the ongoing construction management, property management and leasing services assignments. Brooks, with assistance from Kyle Arsiga, will head up the leasing assignment. The management will be handled by PM Realty SVP Scott Kuklish and property manager Denise Ching. Brooks was not available Tuesday for comment on the transaction. Kuklish tells GlobeSt.com that the assignment takes PM Realty’s Hawaii management portfolio to about 5 million sf. Moreover, he says this is PM Realty’s first assignment for Diversified Equity, which has significant holdings in Hawaii and elsewhere. “We’re excited about the relationship and the potential it represents,” he says.

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