Watumull Properties buys Kona marketplace for $66M

Watumull Properties Corp. has purchased the 205,000-square-foot Niumalu Marketplace in Kailua-­Kona from mainland interests for $66 million.

The 20-acre shopping center is anchored by one of the highest-­grossing Safeway stores in the country.

Niumalu Marketplace was developed in 2019-2020 but initially was challenged by the pandemic and government restrictions on tourism.

Leasing agents Jones Lange LaSalle said activity and interest in the property is robust with many tenants wanting to establish a presence in the Kona area or expand on locations already established.

Wendell Brooks and Kimo Greenwell from JLL will handle leasing for the marketplace.

“As local owners we are excited to work with the community and complete the task of filling the Center with exciting shopping, dining and gathering opportunities,” said JD Watumull, president of Watumull Properties. “This shopping center will be the new heart and soul of Kona community retail.”

Daily property management of the center will be handled by the Big Island Colliers Hawaii office.

The Watumull family has actively invested in operating businesses since establishing the company in 1915.

“We are excited to add the Niu­malu Marketplace to the Watumull Properties Corp. portfolio of properties,” JD Watumull said. “The Hawaiian Islands continue to be our family’s focus today and in the future.”