Castle Foundation to Sell 60 Properties Valued at $600 Million

The Kaneohe Ranch and the Harold K.L. Castle Foundation have announced that they would like to sell 60 of their real estate holdings, valued at approximately $600 million. The properties are located both in Hawaii and on the mainland United States and are expected to bring in between the mid-$500 million to the low-$600 million range.  The majority of the Hawaii properties are located in Kaneohe and in Kailua, leaving many residents of those two neighborhoods nervous of the direction that a potential buyer would like to take the commercial properties.  Kailua resident Rusty Niau commented that Kaneohe Ranch has "pretty much tried to keep Kailua Kailua, like what it was before.  If they sell it, who knows what will happen. Is Kailua going to turn into another Waikiki?  We don't want to change the character of Kailua.  We'd like to keep Kailua as much country as we can. It is a unique town. That's part of the beauty. At any point in Kailua you can look up and see blue skies. I don't want to be stifled or closed in by high-rises."

Jack Aaron, president of Aaron's Dive Shops, added, "I'm scared if it's a mainland company coming in.  The one thing about Kaneohe Ranch is they definitely employ local people, and they seem to really care about the tenants and the properties they manage. Will new management be going to want to raise rents a lot and change the way things are? The fear with new people is if they're all from the mainland, then you're going to have that mainland mentality."

Below is a list of properties that are being put up for sale:

KANEOHE RANCH PORTFOLIO ASSETS

Kailua Properties:
Kailua Town Center III
First Hawaiian Bank
Kailua Shopping Center
Kailua Foodland Marketplace
Straub Building
Hahani Plaza
789 Kailua Road Davis Building
776 Kailua Road
Kalapawai Cafe & Deli
Hekili Business Center
171 Hamakua Drive
156 Hamakua Drive
134 Hamakua Drive
160 Hamakua Drive
380 Hahani parking lot
Windward Town & Country I & II
Kailua Post Office
McKenna Hamakua Drive
Kanoa Estate
167 Hamakua Drive
150 Hamakua Drive
Midas
McKenna Windward Ford & Wheels 4 Less
Napa Auto Parts
Kailua Beach Center
Pali Palms Plaza and Pinky’s
Koolau Farmers Garden Center
Agricultural land
Sprint PCS Tower
Triangle parcel

Kaneohe Properties:
Windward City Shopping Center
Kalaheo Hillside
Telecom Licenses
Hawaiian Telecom

Honolulu Properties:
Kaimuki Shopping Center
Servco Honolulu
Tesoro Honolulu

Mainland Properties:
FBI Building in Mobile, Ala.
Nob Hills Foods in Mountain View, Calif.
Kohl's in Phoenix Red Sunset Apartments in Gresham, Ore.
Lowe’s San Jose in San Jose, Calif.
Miami Marriott Biscayne Bay in Miami
2000 M Street, NW in Washington, D.C.
One Bellevue Center in Bellevue, Wash.
Stanford Corporate Center & Telos Health Club in Dallas

CASTLE FOUNDATION PORTFOLIO ASSETS

Kailua Properties:
Kailua Town Center
151 Hekili St.
Kailua Village Shops
143 Hekili St.
Merchant’s Row
146 Hekili St.
Macy’s
Pali Lanes Bowling Center
HIC Surf
Macy’s parking lot
Aikahi Park Shopping Center
7 Eleven Shopping Center
Former Tesoro Kailua

Kaneohe Properties:
Servco Windward Toyota

Source: Honolulu Star Advertiser, 7-16-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
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