J.P. Morgan Asset Management has announced that they have purchased the Royal Hawaiian Center in Waikiki from Kamehameha Schools. While the exact sale amount or terms have not been disclosed, it is generally believed that the price in excess of $500 million. The only thing that is known is that the purchase is for the Leasehold interest of the land for 60 years and Fee will be retained by Kamehameha Schools. After that 60 year period, Kamehameha Schools would recover complete ownership of the property.
Chris Graham, the managing director of J.P. Morgan Asset Management, stated, "Kamehameha Schools has created, maintained and continually enhanced the world-class shopping and community destination. We are excited to continue Kamehameha Schools' responsible stewardship of this important local asset, its enthusiastic promotion of Hawaiian culture, and its enriching community programs."
Source: Honolulu Star Advertiser, 6-7-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
