Hudson Advisors sold the Coconut Grove, a 49,500-square-foot retail center in Kailua-Kona, Hawaii to J.H. Real Estate Partners for $21.8 million.
Located next to the beach, at 75-5815 Ali’i Drive, the property sits on 5.5 acres of land. Coconut Grove is located between the area’s two main transportation corridors and is surrounded by more than 1,400 multifamily units. The center features ocean views, an oceanfront volleyball court and a plantation theme with craftsman-inspired wood finish throughout the buildings. Tenants include ABC Stores, Lava Java and Outback Steakhouse.
Faris Lee Investments’ Donald MacLellan, senior managing partner, and Rick Chichester, president & CEO, negotiated the deal on behalf of the seller and the buyer. Earlier this year, Faris Lee Investments also completed the sale of The Shops at Hammer & West, a 15,000-square-foot Stockton, Calif., retail center.