11North Partners has acquired a two-property retail portfolio totaling 281,884 square feet in Lahaina, Hawaii, for $155 million.
Northmarq arranged the sale and $96 million in acquisition financing for the portfolio, which includes Lahaina Cannery and Lahaina Gateway. An affiliate of Westlake Village, Calif.–based U.S. Realty Partners, led by Jay Kerner, was the seller.
Lahaina Cannery, located at 1221 Honoapiilani Highway, totals 145,839 square feet. The shopping center is anchored by Safeway and Longs Drugs and is more than 95 percent leased. Other tenants include Starbucks, ABC Stores, Bank of Hawaii, First Hawaiian Bank and Jersey Mike’s.
Lahaina Gateway, located at 325 Keawe St., totals 136,045 square feet. The center is anchored by Foodland Farms, Ross Dress for Less and Ace Hardware, with additional tenants including O’Reilly Auto Parts, T-Mobile, Central Pacific Bank and Maui Powerhouse Gym.
The properties are located across from one another
