Manoa Marketplace has been purchased by A&B Properties Inc., a unit of former Hawaii “Big Five” company Alexander & Baldwin Inc.
The company has purchased both the lease fee interest and the buildings at the 10-acre shopping center.
The purchase was made off-market, meaning the center had not been publicly listed for sale by the local family that previously owned it. The family was not named in the announcement by A&B.
Terms of the purchase were not disclosed, but in its statement A&B describes sales at the center at more than $700 per square foot.
“Manoa Marketplace is one of the strongest performing retail centers on Oahu, and is located in one of its most desirable neighborhoods,” said Chris Benjamin, A&B president and chief executive officer, in a statement. “The acquisitions reflect our continued confidence in the Hawaii real estate market and our belief that grocery-anchored retail centers will continue to outperform other commercial asset types throughout the real estate cycle.”