The developer of a 5-year-old neighborhood shopping complex in Waipio called Laniakea Plaza has filed for bankruptcy after unsuccessfully trying to sell the property and avoid foreclosure.

Imua Bluehens LLC, a local firm led by James K. Kai and affiliated with Piilani Group LLC, filed Chapter 11 on Friday, listing between $10 million and $50 million in estimated assets and debts. The move allows the center to keep operating, but halts an attempt by a lender to foreclose on the 27,460-square-foot center next to Costco.

Imua Bluehens opened Laniakea Plaza in late 2006, and the property has enjoyed near full occupancy with tenants including Goodyear, Starbucks, Panda Express, Taco Del Mar and Fat Boy’s Local Drive-In.

Sean Nakamoto, another principal with Imua Bluehens, declined to comment because of pending litigation.

A foreclosure lawsuit filed in September by an affiliate of Greenwich Capital Financial Products claims that Imua Bluehens defaulted on loan payments in December 2008. The outstanding balance on the loan as of March was $14.5 million, the suit says.

Greenwich recently asked that a receiver be appointed by a Circuit Court judge to oversee operation of the center, but a judge had yet to rule on that request.

Imua Bluehens had been trying to sell Laniakea Plaza for more than a year. Listing agent Joe Leonardo said the center, which was on the market for $15 million, is a great asset. “It’s just a matter of finding the right buyer who sees the opportunity there and the value,” he said.

Now a U.S. Bankruptcy Court judge will oversee what becomes of the center and debts of Imua Bluehens.