The center will be built on just over half of a 28-acre parcel that was purchased last week for $6.6 million from Newhall Land & Farming. Five acres of the parcel will be dedicated to the City of Valencia for park purposes and the balance will be sold to a third party.

The property is located at a major intersection in central Valencia and will be improved with a specialty grocer, national drugstore, high-quality shops and restaurants. Pre-leasing by Grubb & Ellis is underway and construction is expected to begin in early 2006. Total cost of the project is estimated at $36 million.

PM Realty to manage Haseko and Ocean View centers

PM Realty Group has been awarded the exclusive property management and leasing assignments for Ocean View Center and Haseko Center in downtown Honolulu.

A subsidiary of Alexander & Baldwin Inc. last week completed the sale of the two properties to a mainland partnership for a total of $25.5 million. The buildings together contain about 183,000 square feet of office space and more than 500 parking stalls. Haseko and Ocean View are on leasehold land owned by three entities.

Fair Wind launches new catamaran for Kona Coast tours

Kona-based Fair Wind Cruises has launched a new 55-foot catamaran for snorkeling, scuba, sightseeing, and whale-watching tours.

The Hula Kai, built in Bellingham, Wash., by All American Marine Inc., uses a "foil-assist" technology developed in New Zealand that minimizes boat wake and allows for cruising at higher speeds, a Fair Wind spokesman said. The vessel seats 42 passengers and makes daily trips to various locations along the Kona Coast.