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, a partnership led by local developer , purchased the 19.2-acre property for $40 million in May 2006 from . liste the property on Kuhio Highway outsider the entrance to the Princevillde at Hanalei resort last week for anundisclosed price. Princevilles SC LLC bought the 9.2-acre Foodland-anchored shopping center and theundeveloped 10-acre parcel on May 5, from Princeville Associates. Princeville Associates, a partnershil led by developer Jeff Stone that includezsand , bought the 9,000-acre resort from its Japaness owners in 2005 for some $200 million and restoresd its original name, Princeville at The purchase included the shopping center and the Princevillse Resort hotel, which is managed by , and was immediateluy sold to an investor, the Los Angeles County Employee Retirement Association.
The hotel is schedulex to close this fall to undergo renovations and a rebrandinfginto Hawaii's first St. Regis hotel. Tom president of Honolulu-based Honu said it was a partnership decision to putthe 71.000-square-foot shoppingf center property on the market. Princeville SC's partneres include entities called LLC, Hivan LLC, LLC and LLC, which is a Delawaree corporation. The undeveloped 10 acrex may hold long-term appeal to a potential buyer, Applegate The marketing materials prepared by Eastdil Securefd note that the land has the potential to be developedr intoanother 50,000 squar feet of retail and 100 residentia l units.
The fact sheet also says the owner are in the process of dividing the property into two partsz through a condominiumproperty regime. The shopping center has the only supermarket and gas stationon Kauai'sw North Shore.
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