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Kamehameha to sell Windward Mall, Hawaii Kai Towne Center

By Star-Advertiser Staff

LAST UPDATED: 01:37 a.m. HST, Dec 04, 2013

Kamehameha Schools said Tuesday it intends to offer for sale the buildings and other improvements at Hawaii Kai Towne Center and Windward Mall in Kaneohe while retaining ownership of the underlying land.

This is the second such announcement from Kamehameha Schools in the last two months.

In October Kamehameha Schools said it plans to sell the Royal Hawaiian Shopping Center but keep the land under it.

Selling the buildings and keeping the land, "greatly strengthens our perpetual endowment," said KS Vice President for Endowment Elizabeth Hokada in a statement. "As with our Royal Hawaiian Center offering, this action is aligned with our 2000-2015 Strategic Plan, which calls for active stewardship of our lands - whether for commercial, agricultural or conservation purposes - while prudently optimizing the value and use of Kamehameha's financial and nonfinancial resources in support of our educational mission."

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Fred01 wrote:
on December 3,2013 | 11:27AM
hanalei395 wrote:
on December 3,2013 | 11:37AM
hanalei395 wrote:
on December 3,2013 | 11:41AM
GooglyMoogly wrote:
Greed? Please explain.
on December 3,2013 | 12:00PM
If I open a school of my own, am I able to limit the students to strickly Japanese ancestry only, or would that be considered discrimination? Better yet, what if I opened a GAY and Lesbian School, would I be able to without reaping any legal consequence?
on December 3,2013 | 12:19PM
8082062424 wrote:
why not try a GAY and Lesbian School, would be great for kids. after all we have a gay only softball team
on December 3,2013 | 12:59PM
GooglyMoogly wrote:
Someone beat you to it (see: Iolani).
on December 3,2013 | 01:48PM
kuniagirl wrote:
Who would want to go to a school run by someone who can't spell?
on December 3,2013 | 02:54PM
allie wrote:
This comment has been deleted.
on December 3,2013 | 01:01PM
johndoe wrote:
on December 3,2013 | 03:39PM
johndoe wrote:
How is this greed? They are selling the "buildings" realizing they should let the private sector land management experienced companies handle it. They are retaining the land.
on December 3,2013 | 03:38PM
Tony91 wrote:
Assuming they find a sucker -er I mean a buyer for any of these leasehold properties. Can anyone name the last time a commercial property was sold without a fee interest since 1950?
on December 3,2013 | 08:33PM
cahelaj wrote:
Kamehameha Schools has so much $$. Why they don't they open a campus on the West side - perhaps a tech school?
on December 3,2013 | 11:44AM
allie wrote:
This comment has been deleted.
on December 3,2013 | 01:01PM
grantos wrote:
now you're supporting the west side?
on December 3,2013 | 02:25PM
false wrote:
Because it not what they WANT to do. Try ask.
on December 3,2013 | 02:18PM
PCWarrior wrote:
Actually KS just broke ground on a new community learning center in Maili. They are also working with Waianae and Nanakuli high schools as the highest concentration of Native Hawaiians in the world lives from Kapolei to Makaha. Last year KS spent more than $25 million supporting public schools in areas with high Hawaiian populations. KS is the largest supporter of public school education in this state.
on December 3,2013 | 04:54PM
mr808surfguy wrote:
Is anybody else asking the question of what is their real plan in doing this? Hmm wonder what they are up to and of course SA isn't asking the real question.
on December 3,2013 | 11:45AM
GooglyMoogly wrote:
To eliminate the cost of managing the commercial space without giving up ownership of the land underneath.
on December 3,2013 | 11:59AM
Fred01 wrote:
KS is the biggest drain on the local economy.
on December 3,2013 | 02:33PM
HonoluluHawaii wrote:
They will take the fifth if asked.
on December 3,2013 | 12:03PM
sooregonian wrote:
@mr808surfguy -- You are right to question their motivation. I spent decades pushing mainland property -- there is always a (real) reason behind the sale. Sellers don't divulge / disclose their true intent with so much money on the table. The untold story here won't likely be discovered anytime soon (or ever). Oh, but the parties involved will spin,spin,spin...especially brokers,if any.
on December 3,2013 | 04:55PM
HonoluluHawaii wrote:
May I purchase .001 acre for 99 cents?
on December 3,2013 | 11:57AM
richierich wrote:
on December 3,2013 | 02:04PM
HonoluluHawaii wrote:
So u still in comics Richie? I remember buying a 1968 Richie Rich for 12 cents lol. Nowadays 12 cents is tax on $3.00 lol.
on December 3,2013 | 07:54PM
Tony91 wrote:
This is 2013 not 1904. It will be interesting to see what commercial real estate entity is interested in purchasing leasehold commercial property in modern times. Selling a commercial property like this leasehold solves a political problem of avoiding "selling the aina" but it egregiously undervalues the properties. Some could argue that move alone would be a breach of fiduciary duty in monetizing trust assets this way. These two centers are dated, particularly windward center, and will require lots of improvements. Depending on the rates KS is valuing the income stream with, this could be a very difficult sale. I can just see the commercial listing for these now, " Shopping Center for sale. LH (Lease Hold) Fixer-upper with great location."
on December 3,2013 | 12:34PM
theDman wrote:
Dated? You must be thinking of the Windward City Shopping Center, not the mall.
on December 3,2013 | 02:05PM
PCWarrior wrote:
Windward Mall underwent a renovation project just a few years back. As did the Royal Hawaiian Center, which is also up for sale.
on December 3,2013 | 04:51PM
tod wrote:
I don't see how selling the building and the responsibility that goes along with managing and up-keeping the building is increasing the "active stewardship of our lands." It seems that the act of selling the building will reduce the amount of stewardship KS will have for its commercial properties and is contrary to its strategic plan. KS will just sit back and collect rent checks from the building owner. The building owner will be responsible for maintenance and upkeep as well as filling store spaces with tenants.
on December 3,2013 | 01:14PM
GooglyMoogly wrote:
I interpreted this as the estate admitting too much of their time and resources are going to the management of the properties, and that's taking away from their primary duty. Selling the centers would get them out from under that responsibility without giving up the land beneath it.
on December 3,2013 | 01:52PM
seaborn wrote:
Turn Windward Mall into a Walmart, Sam's Club, and Target, and keep the movie theater.
on December 3,2013 | 02:04PM
false wrote:
Now that's funny.
on December 3,2013 | 02:27PM
iwanaknow wrote:
With Target taking forever to build in Kailua, Windward Mall location is not a bad idea?......add a third floor?
on December 3,2013 | 02:49PM
false wrote:
Like, Like, LIKE !
on December 3,2013 | 07:19PM
HonoluluHawaii wrote:
Is there a Wal-Mart in the Windward side?
on December 3,2013 | 07:55PM
false wrote:
Go ask Alexander and Baldwin they buy anything now days.
on December 3,2013 | 02:13PM
Maneki_Neko wrote:
Selling at the top of the market is smart. If KS thought values were rising more, it would hold on tight. Now, what lesson can we learn from this?
on December 3,2013 | 04:31PM
HD36 wrote:
Good observation. Just listened to a debate on inflation vs deflation. They both agree that a collapse is coming soon. The deflationist said that China is in a bigger property bubble than the US was in 2007. It's the right move for KS if they think the Fed will actually taper the $85 billion a month. If they don't taper and increase QE to $100 billion a month, the CPI will rise dramatically and put extreme pressure on retailers as discretionary income falls.
on December 3,2013 | 07:23PM
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