Castle family properties in Kailua could be up for sale - Hawaii News Now - KGMB and KHNL

Castle family properties in Kailua could be up for sale

Stephany Sofos Stephany Sofos
KAILUA, OAHU (HawaiiNewsNow) -

After more than a century of ownership by the Castle Family, Kailua's 38-acre town center could be up for sale, along with other commercial properties in Kaneohe and Honolulu.

The sale of those properties could reportedly bring in as much as $1 billion for the Castle Foundation.

Over the last decade, Kaneohe Ranch, which manages the land, has spent millions of dollars on improvements in Kailua, which has attracted new tenants such as Whole Foods and Pier 1. It has also sold property for a new Target store.

A real estate expert said it would be attractive to a possible buyer. "Kaneohe ranch has done a fabulous development of the property," said Stephany Sofos. "They took property that was down and not in good shape and they made it the highest and best use. Now by selling it, the beneficiaries of Kaneohe Ranch will reap the benefits of this."

Kaneohe Ranch president and CEO Mitch D'Olier would not confirm that the properties have been put up for sale. But in a printed statement, he said the company is considering alternatives.

"These options include selling some or all of the owners' real estate holdings in Hawaii and elsewhere, or retaining ownership of some or all of the real estate. No decision has been made concerning whether any of these holdings will be sold," D'Olier's statement said.

A source indicated that it would still be a few months before any deals would become public.

 

Copyright 2013 Hawaii News Now. All rights reserved.

 

  • Hawaii News Now headlinesNewsMore>>

  • High Court: Online shoppers can be forced to pay sales tax

    High Court: Online shoppers can be forced to pay sales tax

    Thursday, June 21 2018 10:32 AM EDT2018-06-21 14:32:03 GMT
    Friday, June 22 2018 11:18 AM EDT2018-06-22 15:18:49 GMT
    (AP Photo/Jessica Gresko, File). FILE - This April 23, 2018, file photo shows the Supreme Court in Washington.  The Supreme Court says states can force online shoppers to pay sales tax. The 5-4 ruling Thursday is a win for states, who said they were lo...(AP Photo/Jessica Gresko, File). FILE - This April 23, 2018, file photo shows the Supreme Court in Washington. The Supreme Court says states can force online shoppers to pay sales tax. The 5-4 ruling Thursday is a win for states, who said they were lo...

    The Supreme Court says states can force online shoppers to pay sales tax.

    More >>

    The Supreme Court says states can force online shoppers to pay sales tax.

    More >>
  • Guam man sentenced for girlfriend's death in 2013 shooting

    Guam man sentenced for girlfriend's death in 2013 shooting

    Friday, June 22 2018 11:18 AM EDT2018-06-22 15:18:35 GMT
    (Image: Hawaii News Now/file)(Image: Hawaii News Now/file)

    A Guam man has been sentenced to 20 years in prison for shooting his girlfriend after an argument about burned rice in 2013. 

    More >>

    A Guam man has been sentenced to 20 years in prison for shooting his girlfriend after an argument about burned rice in 2013. 

    More >>
  • 2 airlines ask US not to put migrant children on flights

    2 airlines ask US not to put migrant children on flights

    Wednesday, June 20 2018 1:21 PM EDT2018-06-20 17:21:43 GMT
    Friday, June 22 2018 11:15 AM EDT2018-06-22 15:15:43 GMT
    United and American Airlines asked the federal government not to use their companies to transport migrant children who were separated from their parents. (Source: Facebook)United and American Airlines asked the federal government not to use their companies to transport migrant children who were separated from their parents. (Source: Facebook)

    American Airlines says it has asked the US not to use its flights to transport migrant children who have been separated from their parents.

    More >>

    American Airlines says it has asked the US not to use its flights to transport migrant children who have been separated from their parents.

    More >>
Powered by Frankly