Updated at 4:10 p.m., Thursday, August 23, 2007
Aina Haina Shopping Center renovation planned
Advertiser Staff
A Malibu, Calif.-based real estate investment company said it plans to renovate Aina Haina Shopping Center.American Commercial Equities LLC, which bought the 62,000-square-foot retail complex in June, announced its plan yesterday in a press release.
The company did not detail its plan or disclose a timetable for the work. An American Commercial representative could not be reached for more information.
According to property records, the firm bought the East O'ahu center anchored by Foodland Super Market for about $32 million.
American Commercial also bought the Local Motion building in Waikiki in June for $15 million, according to property records. Local Motion, which developed the building and sold it to American Commercial, will remain a tenant.
American Commercial was established in 2005 by B. Wayne Hughes Jr., son of Public Storage Inc. founder Bradley Wayne Hughes.
The company owns roughly 60 retail and mixed-use properties in California. The two Hawai'i retail properties were the company's first purchases in the state.
