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COURTESY FARIS LEE INVESTMENTS
courtesy faris lee investments
Barnes & Noble anchors Lahaina Gateway, which has been sold for $32 million.
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A California-based investment firm is the new owner of a 4-year-old Maui shopping center lost by its developer to foreclosure last year.
The center, Lahaina Gateway, was bought by TNP Strategic Retail Trust Inc. for $32 million, according to TNP adviser Faris Lee Investments.
Central Pacific Bank was the seller, and had taken over the 137,000-square-foot center last year after filing a foreclosure lawsuit in 2010 against developer Bilarjo LLC.
Bilarjo created excitement in 2006 with plans for the mall anchored by Cost Plus World Market, an upscale Foodland grocery store and the largest Barnes & Noble Booksellers store in the state. But Cost Plus canceled it plans, and Bilarjo experienced financial difficulties after the $47 million project opened in 2008.
TNP said Lahaina Gateway, which is across the street from Lahaina Cannery Mall, is 81 percent leased to tenants that include Office Max, Outback Steakhouse, 100 Wines, Genki Sushi, Teddy’s Bigger Burgers and The Melting Pot.
TNP is a private real estate investment trust that primarily buys retail centers anchored by grocery and drug stores in the western United States. The company has acquired 20 shopping centers in 14 states over the past three years, including Waianae Mall, which it bought for about $26 million in 2010.
