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L&B Investing $175M in Hawaii Retail

HONOLULU-A joint venture of L&B Realty Advisors of Dallas and locally based MN Capital Partners is in the process of acquiring five retail centers in the state, including four on the island of Kauai.

By Brian K. Miller | Updated on October 26, 2005

HONOLULU-L&B Realty Advisors LLP of Dallas is in the process of acquiring 550,000 sf of retail in five Hawaii properties for about $175 million. The acquisitions are being made on behalf of institutional investors through L&B’s joint venture with locally based MN Capital Partners.

L&B chief executive G. Andrews Smith tells GlobeSt.com that it has closed on four of the retail centers and expects to close on the remaining one within the next 30 days. “Over the past 24 months, we identified Hawaii’s residential and retail markets as under valued, so we started developing relationships,” he says. “We formed a joint venture with MN and really just worked hard to get some things teed up and closed.”

The joint venture acquired 50% ownership of the Coconut Grove Marketplace on Hawaii and Poipu Shopping Village on Kauai, which are on ground leases, and acquired 100% fee-simple ownership of the Kukui Grove Center and Kukui Marketplace, which are also located on Kauai. MN Capital Partners, a joint venture partner since 2002 and located in Honolulu, will assist in managing the assets and continue to identify and evaluate investment opportunities.

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