Updated at 4:25 p.m., Thursday, January 17, 2008
Boston firm buys Parker Ranch Center
Advertiser Staff
A Boston-based real estate firm has bought Parker Ranch Center on the Big Island for an undisclosed price with a partner.A unit of Intercontinental Real Estate Corp. today announced it acquired the Waimea retail center with M&J Wilkow Ltd., a Chicago-based firm that already had an ownership stake in the center.
The seller, according to M&J Wilkow, was an affiliate of Minneapolis-based investment giant CarVal Investors and M&J Wilkow.
Parker Ranch Center is a 143,051-square-foot retail complex on about 15 acres anchored by Foodland. The center was built in 1965, substantially redeveloped in 2002 and is 91 percent leased.
Parker Ranch Foundation Trust, a major Big Island landowner and owner of one of the largest cattle ranches in the United States, sold the retail complex in 2005 for $31.3 million to the CarVal-M&J partnership as part of a diversification effort by the nonprofit trust.
Intercontinental, established in 1959, has developed, managed and owned over $4 billion in real estate over its history, and presently owns and manages a portfolio of more than $1.8 billion for clients.
