Multiple sources report that two major West Maui retail centers — Lahaina Cannery and Lahaina Gateway — have been sold for $155 million to 11North Partners, with $96 million in acquisition financing arranged through PNC Bank. The deal, brokered by Northmarq and Hawaii Commercial Real Estate, marks a significant commercial real estate transaction in Lahaina’s ongoing recovery era. Both properties together total more than 281,000 square feet and serve as the dominant grocery-anchored retail hubs in West Maui.
- 11North Partners acquired Lahaina Cannery (145,839 SF) and Lahaina Gateway (136,045 SF) from an affiliate of U.S. Realty Partners for $155 million
- PNC Bank provided a $96 million fixed-rate, non-recourse acquisition loan arranged by Northmarq’s debt and equity team
- The two properties sit directly across from each other on Hawaii Route 30 at one of West Maui’s busiest commercial intersections
- Combined, the centers draw approximately 5 million customers annually, supported by local residents and tourism (Commercial Observer)
- Lahaina Cannery is more than 95 percent leased, anchored by Safeway and Longs Drugs, with tenants including Starbucks and ABC Stores (Commercial Observer)
- This acquisition is 11North Partners’ first entry into the Hawaii market, with CEO Brian Harper citing a long-term commitment to the West Maui community (Commercial Observer)
- Northmarq co-brokered the sale with Jamie Brown of Hawaii Commercial Real Estate
Sources
- Northmarq: Northmarq arranges $155M sale, $96M acquisition financing of dominant West Maui retail portfolio
- Commercial Observer: PNC Lends $96M for Hawaii Retail Portfolio Acquisition
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