As South Maui residential real estate specialists, we don’t often talk about commercial properties, but occasionally there are some big stories worth discussing. For example, Maui Mall in Kahului recently sold to an affiliate of the Chicago-based commercial real estate firm JLL.
What’s so interesting about the sale? Not only is Maui Mall bustling with shoppers, diners and movie-goers, but it sold for $86.4 million. About a year ago, it was sold by Alexander & Baldwin Inc. to Alberta Development Partners of Denver and an affiliate of Walton Street Capital LLC of Chicago for $53.2 million. It says a lot about the mall and Maui’s economy that a shopping center can be bought for $53.2 million one year and sold for $86.4 million the next.
The mall is comprised of 185,700 square feet and its total assessed value is about $57 million. Anchored by Whole Foods, some of its other prominent tenants are T.J. Maxx, County of Maui, Regal Cinemas, IHOP, Genki Sushi and Hawaiian Island Creations. Let’s not forget Fun Factory, which is doing so well after all these years, it recently expanded to double its square footage, displacing Haleakala Solar, which has moved to a new space in the mall.
Built in 1971, the mall has a long and distinguished history, undergoing numerous renovations over the years to help ensure that the patrons keep coming. It’s a similar basic principle that also applies to residential real estate. Well maintained and renovated properties are among the more desirable for savvy buyers who see their investment potential.
If you need assistance finding the right Maui real estate investment that suits your plans for use and financial reward, you’ll find our contact information at the bottom of the page. We look forward to working with you to find just the right property for your needs. Mahalo!