Deal estimated at up to $24M

By Andrew Gomes
Advertiser Staff Writer

Improving the look of Koko Marina Center and adding new tenants are among the goals of its new owners, a partnership led by University Capital Management Inc., of Sacramento, Calif. The deal closed yesterday. Advertiser library photo

University Capital Management Inc. and other investors acquired the leasehold East O'ahu shopping center from Orix Real Estate Equities Inc., the U.S. unit of a Japanese conglomerate that put the center up for sale in December.

Plans for the Hawai'i Kai property include improving the look of the retail complex and adding new tenants, according to one person familiar with the purchase.

The 284,744-square-foot center is nearly 90 percent occupied with 60 tenants, including a Consolidated Theatres 8-plex, Foodland supermarket, restaurants and ocean recreation businesses. The property, built in 1963 on land owned by Kamehameha Schools, also has 95 boat slips.

Orix, a unit of Tokyo-based Orix Corp., acquired the center for $28.9 million in 1994, according to public records.

Real estate brokerage CB Richard Ellis Hawaii Inc. listed the center for $24.5 million, and said the property attracted substantial interest from real estate investors in Hawai'i and on the Mainland.

Reach Andrew Gomes at 525-8065 or at agomes@honoluluadvertiser.com.