The march of interesting South Maui real estate purchases goes on this year, with The Shops at Wailea recently selling to Chicago-based investment management firm Heitman Capital Management LLC for no less than $342 million. The price tag is no surprise, given that the shopping center comprises of 161,626 square feet, filled by numerous upscale brands, and is located within the luxurious Wailea Resort.
The shopping center includes over 70 shops and restaurants. Among them are Tiffany & Co., Louis Vuitton, Tori Richard, Tommy Bahama, Banana Republic, Martin & MacArthur, ABC Stores, Honolulu Coffee Co., Ruth’s Chris Steak House, Longhi’s, and Hawaii’s first Tommy Bahama Restaurant & Bar.
The total assessed value of the shopping center, which is located on 16 acres, is just under $120 million based on tax records. The land value was assessed at just under $100 million. This is unsurprising, given its hotel and resort zoning.
This is one of two Wailea shopping center purchases that we’ve seen recently. If you follow our blog, you might remember the recent entry on Shops on the Green in Wailea, a 45,000-square-foot shopping center that was purchased by California developer Burnham USA. They plan to rename it the Wailea Village Shopping Center.
With so much commercial investment activity in South Maui real estate, it’s fitting that the residential market is seeing a great deal of activity. This is not unusual, as Kihei tends to see the most condominium sales by far when compared to the other regions of the island with the same type of real estate.
The bottom line is that if commercial investors are displaying this kind of confidence, it should reassure those in the market for a Maui home or condo. If you are among them, we would be happy to assist you every step of the way. You’ll find our contact information at the end of the page if you need any assistance. Mahalo!