The center has 132,000 square feet of retail and service space, making it a regional shopping hub with tenants including Foodland Super Market, First Hawaiian Bank, Bank of Hawai'i and Kaiser Permanente.

The sale is part of a diversification effort by the Parker Ranch Foundation Trust, which supports trust beneficiaries including North Hawai'i Community Hospital, Parker School Trust Corporation, Hawai'i Preparatory Academy, and the Richard Smart Fund administered by the Hawai'i Community Foundation.

Parker Ranch is one of the largest cattle ranches in the United States, with about 175,000 acres across the Big Island.

Fairmont Orchid sold to Boston real estate investment firm

Fairmont Hotels & Resorts Inc. has sold the Fairmont Orchid on the Big Island to a Boston real estate investment firm for $250 million to raise money to buy other assets.

The sale of the hotel to Westbrook Partners LLC will be recorded as a pretax gain of about $109 million, Toronto-based Fairmont said today in a news release. Fairmont, which bought the hotel for $140 million three years ago, will continue to manage the property.

The sale of the Orchid, a 32-acre resort with 540 rooms on the Kohala Coast, "supports our strategy of acquiring attractive assets, realizing the value created through improved performance then redeploying the capital," Fairmont said.

Verizon Wireless spends $22 million to upgrade service

Verizon Wireless said it has spent more than $22 million this year to upgrade its Hawaii voice and data wireless network.

The investment includes adding and updating cellular sites and other technologies to improve call quality, increase coverage areas and enable a variety of advanced services, such as text and picture messaging, the company said.