Pahoa Marketplace sold for $8.3 million
Pahoa Marketplace in Puna has been sold to a “Hawaii-based private investor” for $8.3 million.
The sale was announced today by real estate company CBRE.
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The previous owner of the a multitenant retail center was Walker Apartments LLC, which bought the complex in 2011 for $7.6 million. Walker’s main office is based in Washington state.
A spokesman for CBRE declined to disclose the name of the buyer to the Tribune-Herald.
Located at 15-2660 Pahoa Village Road, the 43,330-square-foot property was built in 2004.
The shopping center comprises seven buildings and was previously anchored by grocery store Malama Market, and a new tenant for that space is “under negotiations,” according to CBRE.
Malama Market closed in 2014 and reopened in the nearby Puna Kai Shopping Center in 2015.
Pahoa Marketplace sits on 8.40 acres and also includes a fuel center, multiple pad sites and 219 parking spaces.
“CBRE is delighted to have been a part of this transaction,” said Jim Shipman of CBRE, the lead broker on the sale. “We are confident that Pahoa Marketplace will benefit from having new and local ownership with strong connections throughout the islands.”
