The site at 1106 University Ave., which includes the adjacent Varsity Office Building, has been deeded to Kamehameha Schools in exchange for the trust's Kamehameha Drive-In property in 'Aiea and an undisclosed cash payment, according to a news release.

Robertson Properties Group is part of the Decurion portfolio of affiliated companies that includes Pacific Theatres, owner of Consolidated Theatres and the Varsity Theatre.

"Consolidated's decision to close the Varsity provided us with an opportunity to acquire a strategically valuable piece of property," Kamehameha Schools Vice President for Endowment Kirk Belsby said in the release. "It strengthens our ties with the university community and with Mo'ili'ili business and residential communities, and it strengthens our ability to support our educational programs and services."

Tara Young, senior commercial asset manager for Kamehameha Schools, said in the release, "The Varsity property adds even greater synergy to our options and opportunities in Mo'ili'ili. With Puck's Alley ready for upgrades and redevelopment, we can look forward to an exciting rejuvenation of the area within the next few years."

The 'Aiea site, bounded by Moanalua Road and Kaonohi Street, is adjacent to the Pearlridge Mall overlooking Pearl Harbor.

The transaction adds to Robertson Properties Group's growing portfolio of real estate investments on O'ahu.

An established commercial real estate owner, developer and investor, the company recently completed The Center of Waikiki, a specialty retail project on Kalakaua Avenue, and it is advancing development plans for the Pearl City Gateway retail center in Manana, which is scheduled to start construction in spring 2008.

Robertson Properties Group (RPG) structured the transaction on behalf of RPG and created an opportunity for the company to be in a position to partner with Kamehameha Schools by providing a property that will help Kamehameha Schools enhance the community and in return acquire from the trust a large development parcel in an exceptional location.

"O'ahu is one of our core target markets where we are actively developing and acquiring land. It also is a challenging market but we are well-positioned to move quickly and pursue opportunities where we can bring new uses to older properties and reposition them to better serve O'ahu residents," said John Manavian, of Robertson Properties Group, in the release.

Robertson Properties Group in coming months will begin the process of creating a master plan for the 'Aiea site, Manavian said.