**IPA Lists 727,000-SF Hawaiian Retail Portfolio for Sale**
Institutional Property Advisors (IPA) has announced the fee-simple offering of the Hawaii Retail Collection — a three-property shopping center portfolio totaling 726,858 square feet. The portfolio includes Kukui Grove, Kukui Marketplace, and Maui Marketplace, located in Lihue on the island of Kauai and Kahului on the island of Maui. The properties are being offered for individual purchase or as a complete portfolio, with an expected valuation north of $150 million.
“This is a rare Hawaiian fee-simple value enhancement opportunity, offered at a fraction of replacement costs,” said Tom Lagos, executive director at IPA. “All three centers present significant potential for net operating income growth through lease-up opportunities, expansion, and pad development.”
The IPA team representing the seller includes Tom Lagos, Patrick Toomey, and Jose Carrazana, working in association with Adam Attia, Marcus & Millichap’s broker of record in Hawaii.
Kukui Grove, the largest shopping center on Kauai, features 328,827 square feet of open-air retail space and is 68% occupied. It is anchored by Times Supermarket, Longs Drugs, and Ross Dress for Less. Adjacent to Kukui Grove is Kukui Marketplace, a 145,653-square-foot retail center anchored by Target and currently 94.9% occupied.
Maui Marketplace, located in a densely trafficked area frequented by both locals and tourists, spans 252,378 square feet and is 62.8% occupied. Tenants include Seafood City, Ross, Barnes & Noble, and Old Navy, with negotiations for additional national anchor leases currently underway.
Investor tours of the properties will be held on May 27 and 28 in Maui, and on May 29 and 30 in Kauai.
