California firm buys Lahaina property

By Andrew Gomes
Advertiser Staff Writer

A Sacramento, Calif., family real-estate investment firm has purchased the Lahaina Cannery Mall on Maui from Hawaii Omori Corp. for an undisclosed price.

The mall, bought by Gianulias Investments, was one of several assets offered for sale by Hawaii Omori, a 30-year-old Maui real-estate company headed by Japanese investors.

The company holds more than $100 million of Valley Isle property.

Gianulias Investments, headed by Gus Gianulias, primarily owns a variety of property in the Sacramento area, including several malls similar to Lahaina Cannery Mall, which has about 60 stores and is anchored by Safeway and Longs Drug.

The new owner said it plans to expand the number of mall tenants, keep many of the center's employees and maintain free entertainment and hula shows started by the Omori family.

Masao Omori, a Tokyo businessman involved in golf course and retail projects in Japan, established Hawaii Omori in 1973 and developed the mall in 1987. The company, sometimes with partners, also developed several Maui condominiums and office property and bought a dozen Lahaina oceanfront homes.

But since Omori's death a few years ago, Hawaii Omori lacked a driving force, and executives including Omori's son, Shigemitsu, decided to sell the company's investments.

CB Richard Ellis Hawaii, which represented Hawaii Omori in the sale, will continue to manage the mall. Gianulias Investments was represented by Jon Gianulias, a vice president with CB Richard Ellis in Sacramento and the son of Gus Gianulias.

The sale of Hawaii Omori's remaining assets is expected to be completed soon.

The company's Maui holdings also include the property under the Old Lahaina Luau.

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