WAIKOLOA VILLAGE, HAWAII -Waikoloa Highland Center, a 73,524-square-foot shopping center in Waikoloa Village, has sold to an unnamed buyer for $22.4 million. The center is located at 68-1845 Waikoloa Road on the Big Island of Hawaii.
Waikoloa Highland is situated on the main road connecting Waikoloa to Hilo. It is 75 percent occupied. The center is anchored by Waikoloa Village Market.
Other notable tenants include Chevron, Subway and First Hawaiian Bank. Waikoloa Highland is the only full-service grocery-anchored center in the entire trade area of Waikoloa Village within a 17-mile radius.
The seller, 3D Investments, was represented by Donald MacLellan, Richard Chichester and Thomas Chichester of Faris Lee Investments.
"The Hawaii retail environment is very different from other mainland markets," says Richard Chichester, president and CEO of Faris Lee Investments. "Smaller local chain stores and mom-and-pop-type retailers are prevalent and welcomed by the residents and visitors there as they speak directly to the local culture and its needs. Because of Faris Lee's street-level brokerage expertise and valuation knowledge on this unique market, we were able to successfully price, market, garner several offers, and secure a qualified buyer in a short amount of time."