Hawaii Omori Corp. to sell Maui real-estate portfolio

By Andrew Gomes
Advertiser Staff Writer

Hawaii Omori Corp., which property records show owns more than $100 million in Maui real estate, yesterday announced its decision to liquidate assets in an offering expected next month through brokerage firm CB Richard Ellis Hawaii Inc.

Susumu "Rick" Nitadori, Hawaii Omori executive vice president, said in a statement that it was the "right time" to sell, given low interest rates and Maui's popularity as a visitor destination.

A company representative said the firm had 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.

Twenty properties are to be marketed individually, including the Lahaina Cannery Mall, the leased-fee interest in about 70 units in the Kaanapali Alii condominium hotel, the lu'au property, six oceanfront homes, West Maui Center and Cannery Commercial Center.

CB Richard Ellis Hawaii said it has yet to estimate the value of the Hawaii Omori holdings. For property tax purposes, the county valued the mall at $26 million. Many of the Kaanapali Alii units, which are leased to residents, have a county-appraised value of $1 million or more. Some of the ocean-front homes are valued by Maui County at more than $1 million.

Scott Gomes, CB Richard Ellis Hawaii executive vice president, said the Hawaii Omori portfolio is a unique opportunity that he expects will draw interest from local and off-island investors.

"These are valuable Lahaina locations in a market that continues to attract a high level of interest," he said.

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