Hawaiian retail plaza sold for $40 million

Asset 'in need of major renovation'

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Faris Lee Investments brokered the $40 million sale of Kauai Village, a 110,000-square-foot retail center in Kapaa, Hawaii. The property, located at 4-831 Kuhio Highway, was built in 1990 and was 85 percent occupied at the close of escrow. The center has two primary anchor stores, Safeway and Long's Drugs, as well as other stores and restaurants. Irvine, Calif.-based PASSCO sold the property to a group of California investors pooled together and led by Diversified Equity Investment Corp. The sales price also includes remodeling and repair costs for the property, which, according to a press statement, "was in need of major renovation." The vision for the remodel, according to Faris Lee Chairman David Lee, "is to create an exciting resort-style shopping center for Kauai." ...