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The Honolulu Advertiser
Posted on: Saturday, July 12, 2003

Koko Marina Center finds success with new owner, retail mix

By Suzanne Roig
Advertiser East Honolulu Writer

HAWAI'I KAI — Koko Marina Center is sporting a fresh look and new tenants, just three months after the new owners, University Capital Management took over.

After 40 years of existence trying to find its role in the Hawai'i Kai commercial mix, the Koko Marina Center has blossomed under University Capital Management.

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The new owners have signed on with Jamba Juice and Kona Brewing Co., Stafford Boutique, Salon and Day Spa and Bikram's Yoga, said Jeff Berger, California-based University Capital Management chief executive officer. The brewing company should open in October and Jamba Juice in November.

New locator signs have been springing up around the center, the old bell tower will be removed from the waterfront side of the center and the center will be repainted, Berger said. At the same time the center went from slightly more than 50 percent occupancy to 89 percent.

"We're giving the center a freshening up," Berger said. "Then we're actively and aggressively seeking tenants, trying to change the tenant mix.

"We want to be able to be the place where residents can come and do one-stop shopping."

It's about time for the shopping center that was Henry J. Kaiser's first effort in Hawai'i Kai in the 1960s, said Stephany Sofos, of SL Sofos & Co., a real-estate consulting firm. Koko Marina has spent many of its 40 years trying to figure out what kind of shopping center it wants to be. With two distinct buildings, one on the waterfront and the other a more traditional strip mall, the center has not found its niche.

"It's had different managers and been sold three or four times," Sofos said. "What has happened is that you have different people trying to do different things and no one has been able to find the answer."

But in the past five years, Hawai'i Kai has hit its stride as a community on its own, not just a bedroom community serving downtown or Kahala, Sofos said. There are enough residents to support three shopping centers, particularly now with a recent surge in development, she said.

"Hawai'i Kai has been rejuvenated into the place to be because of the new development," Sofos said. "It's the area everyone wants to be in."

The new owner wants to appeal to both the community and the tourists who come to the center for the water sports, said Berger, whose company owns and manages five other centers in and around the Sacramento, Calif., area. For the remaining vacant spaces, Berger hopes to sign on a book store, a bicycle shop or a record store.

The removal of the bell tower will allow for an open-air area for community events, he said.

"The natural view there is pretty desirable," Berger said. "There is pent up demand for the space overlooking the marina.

"It's a great location that is under-managed.

Reach Suzanne Roig at sroig@honoluluadvertiser.com or 395-8831.