Windward Mall and Hawaii Kai Towne Center Up for Sale
Kamehameha Schools has announced that they will be selling the buildings and the improvements of Windward Mall in Kaneohe and the Hawaii Kai Towne Center, but the school will hold on to the land below the property. Despite the fact that this would be a leasehold sale, it is estimated that the two properties could still sell for over $400 million. Windward Mall and Hawaii Kai Towne Center are the third and fourth largest shopping malls on the island respectively. Elizabeth Hokada, the vice president for Endowment, stated that selling the buildings and keeping the land "greatly strengthens our perpetual endowment. As with our Royal Hawaiian Center offering, this action is aligned with our 2000-2015 Strategic Plan, which calls for active stewardship of our lands, whether for commercial, agricultural or conservation purposes, while prudently optimizing the value and use of Kamehameha's financial and nonfinancial resources in support of our educational mission." Kamehameha Schools is tentatively looking at offering 60 year leases for the two properties.
