Kamehameha Schools has announced that they are seeking a buyer for the Royal Hawaiian Center in Waikiki. Under the proposal, the sale of the largest shopping center in Waikiki would include all of the mall's buildings, but not the underlying land. The land would be leased to the potential buyer under a 60-year ground lease. After that time, the Kamehameha Schools trust would recover complete ownership of the property. Even at its leasehold status, local real estate experts estimate that the property would sell for at least $300 million. Kamehameha School's chief executive officer, Dee Jay Mailer, noted that there is a high demand for commercial properties due to low interest rates. The money generated by the sale would be used reinvested and used to support normal operations of the $9 billion trust.
Source: Honolulu Star Advertiser, 10-23-2013, 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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