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.”

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription