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Shidler Group Sells Renovated Waikiki Property

HONOLULU-The San Diego-based company sells a 12,000-sf retail center here for $27 million less than three years after acquiring it empty for under $10 million.

By Brian K. Miller | Updated on April 10, 2005

HONOLULU-The Shops at 2150 Kalakaua here is under new ownership. The Shidler Group of San Diego sold the 12,000-sf retail center here for $27 million, less than three years after acquiring it empty in a $10.6-million package deal that included other nearby properties. Tenants now include Diesel, Oakley, Puma and Whaler’s General Store. The new owner is San Diego-based American Assets Inc., , a private real estate investment firm founded in 1967, owns about 3.1 million sf of retail space mostly on the West Coast.The Shidler Group owns and operates about eight million sf of commercial property throughout Texas, Arizona, Hawaii and Southern California. “We achieved our objectives with this project,” says Shidler managing partner Matt Root. “The retail market in Waikiki is strengthening and it is a very opportune time for our group to sell and for the buyers to invest.”Adam Edwards of Secured Capital represented both sides in the transaction.

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