BUSINESS BRIEFS
Retail complex on Big Island sold
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. yesterday 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, 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 more than $4 billion in real estate over its history, and presently owns and manages a portfolio of more than $1.8 billion for clients.
STATE FINES KALAKA NUI, TRI-L
The Hawai'i Department of Health's Clean Air Branch has imposed a $3,500 fine on Kalaka Nui Inc. of O'ahu and a $2,900 fine on TRI-L Construction Inc. of Moloka'i for not conducting required annual testing.
The department issued a notice of violation and order against both companies. They have 20 days to contest the order.
The state said Kalaka Nui violated its temporary covered-source permit by not conducting an annual source performance test in 2006. Kalaka Nui operates a crushing and screening plant.
The state said quarrying and stone-processing plants can pose dust problems for nearby homes, roads and public areas. The annual source performance test ensures compliance with state and federal rules.
MAUI COLLEGE A NATIONAL FINALIST
Maui Community College's Sustainable Living Institute of Maui has been named one of 10 national finalists for the 2008 Bellwether Award in the workforce development category.
The Bellwether Awards are presented annually to innovative programs and practices.
The 2008 winners will be announced at the 2008 Community College Futures Assembly, Jan. 26 to 29 in Orlando, Fla.
Maui Community College's achievements included hosting the IX Islands of the World Conference attended by more than 230 people from 25 island nations.
FOUNDATION NAMES NEW DIRECTOR
The Clarence T.C. Ching Foundation named real estate and hotel industry executive R. Stevens Gilley executive director.
Gilley is the former chairman and CEO of Colony Surf Ltd. and was president of Cushman and Wakefield Western Inc. in 1982.
From 1983 to 1994, he served as president of Swig Weller and Dinner Development Co., which owned the Fairmont Hotels in San Francisco.
His appointment comes at a time when the Ching Foundation, which was established in 1967 by local developer Clarence Ching, is undergoing a major transformation. The foundation recently received the proceeds from last month's $131 million sale of the Kukui Gardens affordable rental complex near Chinatown.
