Maui mall sale to be done soon

By David Butts
Advertiser Staff Writer

The sale of the Lahaina Cannery Mall and other properties owned by Hawaii Omori Corp. will likely be completed by the end of this month, said the broker marketing the properties.

Hawaii Omori, a 30-year-old Maui real-estate company headed by Japanese investors, said in July that it planned to sell its entire portfolio of Valley Isle property, including the mall and the land under the Old Lahaina Luau. Property records show the value of the holdings to total more than $100 million.

"We are hoping to get it done this month," said Scott Gomes, senior vice president at CB Richard Ellis Hawaii and the broker in charge of the sale. Gomes said so far a few houses have been sold.

Hawaii Omori lacked a driving force since the death a few years ago of its founder, Masao Omori, a Tokyo businessman involved in golf course and retail projects in Japan.

Omori established Hawaii Omori in 1973 and developed several Maui condominiums, the mall and office property during the 1970s and 1980s, sometimes with partners. The company also bought a dozen Lahaina oceanfront homes.

Masao Omori's son, Shigemitsu Omori, a doctor, has been serving as president of the Lahaina-based company, which has transferred most of about a dozen employees and property management duties to CB Richard Ellis Hawaii and will be dissolved if the sale goes as planned.

Gomes said he could not comment on the potential buyers for the mall or the price.

Reach David Butts at 535-2453 or dbutts@honoluluadvertiser.com.