WAIKIKI (HawaiiNewsNow) - One of the most valuable retail properties in Hawaii has been sold.
Kamehameha Schools said Friday that it has sold the Royal Hawaiian Shopping Center in Waikiki to J.P. Morgan Asset Management for an undisclosed price.
Kamehameha Schools said it will retain the land beneath the Kalakaua Avenue shopping center and will lease it to the buyer.
"With this decision, we are able to keep and care for this special property while investing the proceeds from the sale of its improvements to benefit our children's futures in perpetuity," said Jack Wong, Kamehameha School's interim CEO.
Built in 1979, the Royal Hawaiian Shopping Center covers 322,000 square feet of space and is home to 110 shops and restaurants.