Campbell property managing transferred
By Andrew Gomes
Advertiser Staff Writer
In another move toward dissolving the Estate of James Campbell, Hawai'i's second-wealthiest private trust has outsourced management of all its developed property in Hawai'i to local real estate firm Colliers Monroe Friedlander.
The estate, which faces a 2007 deadline to terminate its trust structure and become a real estate operating company, transferred management of about 500,000 square feet of property effective today.
The properties Colliers will manage are Kapolei Shopping Center, the Campbell Square office buildings in Kapolei, a block leased by Macy's in downtown Honolulu, and Whalers Village Shopping Center on Maui.
Campbell Estate, which owns 70,700 acres on O'ahu, Maui and the Big Island, will continue through affiliated companies to lease, develop and sell its undeveloped real estate, according to trust spokeswoman Theresia McMurdo.
The property management transition is a move to become more entrepreneurial in anticipation of becoming a private company, McMurdo said, and echoes a move made last month by another local trust, Kamehameha Schools, to outsource management of its shopping centers.
The plan for Campbell Estate, involves terminating the trust and dividing $2.3 billion in assets among estate heirs, though McMurdo said the strategy remains premature to describe in more detail.
Outsourcing property management is another piece of the strategy to recently emerge. In August, the estate announced it would eliminate 32 of 100 estate positions on Oct. 24 or later as part of the transition.
McMurdo said some estate property managers will continue working for the trust. Colliers has hired eight estate employees, according to Andrew Friedlander, Colliers chief executive officer.
Friedlander said the Campbell properties are "extremely well managed" and will fit well with his company's other managed properties that include shopping centers and office buildings.
"Tenants should experience the same high quality of service that was provided by the estate and its affiliate companies," McMurdo said.
Reach Andrew Gomes at agomes@honoluluadvertiser.com or 525-8065.
