The Harold K. L. Castle Foundation has announced that they will be selling a real estate portfolio which will include a total of 600 acre of land including 38-acres in the heart of Kailua. The 38-acre town center in Kailua includes all of the land under the Foodland, Safeway, Whole Foods, Times, Longs Drugs, and Macy’s. The other holdings include the land under the Kaimuki Shopping Center, Windward City Shopping Center, Pali Palms Plaza, and land in Florida, Alabama, California and Arizona. No specific price was mentioned, but when the Castle Foundation valued its assets in 2011, they came up with a value of $150 million, which included all of their real estate holdings and other investments.
The Castle Foundation hopes that the sale would help generate a big infusion of cash funds, which they will in turn use to fund grants to nonprofits that benefit Hawaii residents. Founder Harold Kainalu Long Castle purchase 9,500 acres of land in Kailua in 1917 and helped establish the town of Kailua by donating land for churches, Castle Hospital, schools including Castle High School and Hawaii Loa College, and the land that became Marine Corps Base Hawaii. Castle passed away in 1967 and his will donated most of his real estate holdings to the Castle Foundation. To date, the foundation has awarded $176 million in grants.
Source: Honolulu Star Advertiser, 5-18-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
