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Grocery and wine store owner Tamura Enterprises Inc. has bought Avenue’s Bar + Eatery and will change the name to The Edge by Tamura’s.
The Edge will be a bar serving wines and cocktails and local favorite foods.
Jo McGarry, restaurant specialist and real estate adviser, brokered the deal between owner Glenn Tamura and Avenue’s and 12th Ave Grill owner Kevin Hanney.
Terms were not disclosed.
The Edge by Tamura’s will be an “extension of what Tamura’s has tried to bring to Hawaii over the past 20 years,” —McGarry said, bringing “the best of local food” including the company’s award-winning poke, and “the best wines at the cheapest prices.” Avenue’s has closed, and The Edge, which has offered continued employment to the employees, is tentatively set to open in the first week of November.
The location, at 3605 Waialae Ave., previously housed Salt Kitchen & Tasting Bar. Chef Lee Anne Wong, Hanney’s partner in Koko Head Cafe, briefly ran Hale Ohuna, another restaurant, in the space.
Hawaii State FCU loans up, profit down
Hawaii State Federal Credit Union’s loans rose 9.1 percent in the third quarter even as net income dipped.
The state’s second-largest credit union reported Tuesday that it ended Sept. 30 with $704.3 million in loans, up from $645.7 million in the year-earlier quarter. Net income slipped 0.9 percent to $1.5 million from $1.51 million.
Hawaii State FCU added to its membership with the number of members rising by 7,016, or 7.9 percent, to 95,454 from 88,448 in the third quarter of 2015.
Assets rose 5.4 percent to $1.46 million from $1.39 million.
“Our competitive loan products with attractive rates continue to be a draw for us,” Hawaii State FCU President and CEO Andrew Rosen said.
Last month, Hawaii State FCU marked the grand opening of a new branch at Hawaii Kai Towne Center. The credit union’s ninth branch serves more than 9,500 members living in East Oahu. Later this year Hawaii State FCU said it will complete renovations at its Pearlridge branch, which will serve 16,000 members in Aiea and Pearl City.
The credit union serves state, city and county employees as well as nonprofits and select businesses and their families.
Consumer prices rose in September
WASHINGTON >> Higher energy costs fueled U.S. consumer prices in September, but overall inflation remained in check as it has for the past several years.
The Labor Department said Tuesday that consumer prices increased 0.3 percent last month. Much of that rise stemmed from energy, housing and prescription drugs. Energy costs surged 2.9 percent in September as oil and gasoline prices rebounded from recent lows. Previous price declines still mean that gas costs 6.4 percent less than a year ago.
U.S. homebuilders’ confidence eases slightly
U.S. homebuilders’ confidence eased this month after surging to its highest level in nearly a year in September.
Even so, builders remain optimistic overall about sales growth in the months ahead, a reflection of how steady job gains are leading more Americans to buy newly built homes.
The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday fell two points this month to 63 following a reading of 65 in September.
Readings above 50 indicate more builders view sales conditions as good rather than poor.
ON THE MOVE
James Campbell Co. has announced the appointment of Stephen B. Hansen to its board of directors. He is a retired equity partner and managing director of Clarion Partners, a large, well-respected real estate investment management firm.
Goodsill Anderson Quinn & Stifel has announced Joanne J. Lee as a new associate. She concentrates on general corporate and tax matters, mergers and acquisitions as well as tax aspects of corporate transactions. Lee previously served in the tax department of a law firm in New York.
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