At a glance
- 11North bought Lahaina Cannery and Lahaina Gateway from an affiliate of U.S. Realty Partners.
- Lahaina Cannery, at 1221 Hawaii State Route 30, is more than 95 percent leased and anchored by Safeway and Longs Drugs, with Starbucks, ABC Stores, Bank of Hawaii, First Hawaiian Bank and Jersey Mike's among its other tenants.
- Lahaina Gateway, at 325 Kaewe Street, is anchored by Foodland Farms, Ross Dress for Less and Ace Hardware, with O'Reilly Auto Parts, T-Mobile, Central Pacific Bank and Maui Powerhouse Gym among the tenants Northmarq listed.
PNC Bank provided a $96 million fixed-rate loan for 11North Partners' $155 million purchase of two adjacent grocery-anchored retail centers in Lahaina, Hawaii, on Maui, according to Northmarq, which arranged the debt.
The loan covers about 62% of the purchase price, leaving roughly $59 million of equity before closing costs.
11North bought Lahaina Cannery and Lahaina Gateway from an affiliate of U.S. Realty Partners. Chief executive Brian Harper said in a statement that the purchase is his firm's first entry into the Hawaii market and that 11North was "deeply honored to become the stewards" of two important legacy commercial properties.
Two centers across Route 30
Lahaina Cannery, at 1221 Hawaii State Route 30, is more than 95 percent leased and anchored by Safeway and Longs Drugs, with Starbucks, ABC Stores, Bank of Hawaii, First Hawaiian Bank and Jersey Mike's among its other tenants.
Lahaina Gateway, at 325 Kaewe Street, is anchored by Foodland Farms, Ross Dress for Less and Ace Hardware, with O'Reilly Auto Parts, T-Mobile, Central Pacific Bank and Maui Powerhouse Gym among the tenants Northmarq listed.
Northmarq said the two centers sit across from each other on Route 30 and draw 5 million customers a year, helped by West Maui's tourism economy.
Northmarq's Bryan Ley called the centers the top grocery-anchored assets in West Maui and said the sale demonstrated demand for "marquee grocery-anchored centers with further upside" in high-barrier markets with limited competition.
PRED reported that Lena Centers sold the fully leased Bedminster, N.J., center anchored by Kings Food Markets and CVS to Asana Partners at an undisclosed price.
PNC was also the lender on a $50.9 million construction loan for a North Miami nursing facility in August, per PRED's records.
Reported by the Real estate debt desk from Commercial Observer and PRED archive. Published . Corrections