IRVINE, Calif., September 28, 2017 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $21.8 million sale of Coconut Grove Marketplace, an oceanfront 49,513-square-foot retail center located at 75-5815 Ali’i Drive in the retail hub of Kailua-Kona on the Big Island of Hawaii.
Donald MacLellan, senior managing partner, and Rick Chichester, president and CEO, with Faris Lee Investments represented the seller, Hudson America L.P., as well as the buyer, J.H. Real Estate Partners.
The center features ocean views, with an open layout ideal for outdoor Hawaiian-themed entertainment. Other amenities include an oceanfront volleyball court offering the local community a recreational venue to enjoy. Some of the property’s retailers include ABC Stores, Humpy’s Alehouse, Lava Java, Outback Steakhouse and Kona Gear, to name a few.
Hudson America, a Dallas-based equity fund acquired Coconut Grove as part of a large portfolio transaction a few years back. Since that time, it has embarked on upgrading and attracting the top local restaurant operators, including Lava Java and Foster’s Kitchen, significantly increasing customer traffic. The center features a plantation theme with craftsman-like wood finish throughout the buildings. Coconut Grove offers the new owner with a strong opportunity to add value and realize long-term appreciation by continuing to upgrade the tenant mix and further establish the center’s appeal as a dominant community destination.
Situated on 5.5 acres of land, Coconut Grove boasts a rare oceanfront retail location between the area’s two main transportation corridors and is surrounded by more than 1,400 residential/hospitality units. It is also near the world-renowned Ironman Championships held annually in Kailua-Kona.
About Faris Lee Investments: Faris Lee Investments is a leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee's senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.