The Puna Kai Shopping Center is once again listed for sale after a previous online listing was supposedly posted in error.
The real estate website Revere currently features a listing for the 9.9-acre property. The listing, evidently posted by national real estate firm Institutional Property Advisors, asks for $62 million for the shopping center.
The listing touts “the rare opportunity to acquire a new construction, fully leased grocery anchored center on fee simple land on the Big Island of Hawaii” and mentions the rapid growth of the Puna district over the last two decades.
The language in the listing is similar to a previous listing that briefly went online on the website RealNex.com in March. However, that listing requested $68 million for the shopping center.
The RealNex.com listing was taken down in March after some supposed confusion between the property’s developer Gary Pinkston and IPA’s Executive Director Patrick Toomey.
Pinkston told the Tribune-Herald he had no plans to sell the center and claimed to have no knowledge of the listing, but Toomey said that the property was indeed for sale, before later claiming that the listing was posted in error and that there were no plans to sell in the near future.
Neither Pinkston nor Toomey could be reached Tuesday regarding the Revere listing, nor could David Asakura, who is listed as the broker of record.
According to real property tax records, Pinkston purchased the property for roughly $20 million in 2015. Construction of the shopping center began in 2017, with the first tenant businesses opening in 2020. There are currently 29 lessees in the shopping center.