Heavy investor interest in Hawai'i's commercial real estate market has led Gentry Cos. to sell its neighborhood shopping center in Waipi'o for $30 million to a Chicago-based investment firm.

An affiliate of Jones Lang LaSalle this week acquired Gentry Waipi'o Shopping Center from Gentry, which built the center 20 years ago to serve the roughly 3,500 homes Gentry developed in the area between Mililani and Waipahu.

Norman Gentry, president of Gentry Cos. affiliate GentryPacific Ltd., said the company wasn't actively trying to sell the center, but LaSalle made an offer that was hard to turn down.

"The market is hot," he said. "Everything's for sale at the right price. Sometimes someone comes along and if they really want to buy your car, you hand them the keys."

Local real estate broker Joseph Leonardo, who represented LaSalle in the deal, said the company really likes Hawai'i and was willing to make a strong bid.

"They paid a top-market price, but they got a top-quality product," he said. "In today's marketplace, a community-anchored center is a stable cash cow. It's known in the business as real good stuff."

Gentry Cos. built the main center complex in 1985 and gradually added more buildings with Outback Steakhouse, Big City Diner and other tenants in more recent years.

The center, which contains office and medical users and is anchored by Foodland Super Market, is nearly 100 percent occupied with about 40 tenants and performs well, Gentry said.

The sale follows a spate of Hawai'i shopping center sales to Mainland investors over the past year, including the tony retail complex 2100 Kalakaua in Waikiki for $156 million, Waikele Center in Central O'ahu for $201 million, Pearl Highlands Center for $114 million, Marketplace at Kapolei for $19 million and Wai'anae Mall for $14 million.

"The buyers have been aggressive," said local real estate appraiser Robert Hastings. "And there are people in town that are still looking."

LaSalle is a diverse real estate investment and management firm. The company's LaSalle Investment Management affiliate — which manages more than $26 billion for institutional, corporate and individual investors — first acquired Hawai'i real estate in 2000 with acquisitions of Maui Marketplace and Pearl Highlands Center.

LaSalle paid about $58 million for Maui Marketplace. It paid $62 million for Pearl Highlands, which it sold in December for about $114 million to a Morgan Stanley investment fund after improving the property with new tenants.