California company buying Waianae Mall - Hawaii News Now - KGMB and KHNL

California company buying Waianae Mall

WAIANAE (HawaiiNewsNow) – California based TNP Acquisitions has purchased Waianae Mall on Oahu's Leeward coast for the price of $25.7 million. As part of the deal, TNP is assuming debt of $20.7 million.

Sitting on 16 acres of land along Farrington Highway, the shopping center's 11 buildings house 43 tenants with Longs Drugs as its anchor. City Mill, Starbucks, Pizza Hut, Subway, Radio Shack, Payless Shoes, Jamba Juice, Goodyear and Fantastic Sams are some of the center's mainstays.

Phil Voorhees of CB Richard Ellis Group, Inc. led a team of brokers in the sale. He said in a statement Wednesday the shopping center's coastal location and lack of competition from other commercial complexes created a rare investment opportunity.

"The center accounts for nearly 10% of the commercially zoned land in Waianae and does not fall within the Special Management Area, unlike most of the western coastline of Oahu, which allows for easy redevelopment or expansion of the center" said Voorhees.

"Waianae Mall is a perfect example of the type of prime real estate that our REIT (real estate investment trust) is targeting. The loyalty of the tenants, strategic location and lack of competition all magnify the value in this rare fee-simple opportunity on the island of Oahu," said Charles J. Osbrink, TNP's Director of Acquisitions on the company's website.

Based in Irvine, California, TNP's real estate portfolio is focused on grocery and drug store anchored retail complexes in the Western US. The current owner of Waianae Mall, Los Angeles based 3D Investments, purchased the complex in 2005 for $19 million.

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