Posted at 11:12 a.m., Thursday, January 25, 2007
California investors buy Kauai Village shopping center
Advertiser Staff
California investors have bought the Kauai Village shopping center in Kapa'a, and plan a major renovation of the 110,000-square-foot complex anchored by Safeway and Longs Drug.The buyer, a group of California investors led by Diversified Equity Investment Corp., is making a total investment of $40 million, which includes the purchase price and planned improvements, according to the buyer's broker, Faris Lee Investments.
Faris Lee did not disclose the purchase price and planned renovation costs separately.
The seller was another group of investors organized through Calif.-based real estate investment firm PASSCO, which paid about $27 million for the center in July 2004.
Faris Lee said the new owner's vision is to transform Kauai Village — which was built in 1990 and includes landscaped ponds and streams, small walking bridges and Wyland whale murals — into an exciting resort-style shopping center. The center is about 85 percent occupied.
