JP Morgan buys Hawaiian retail mall for $700m
JP Morgan Asset Management has acquired the 310,000-square-foot Royal Hawaiian Shopping Center in Honolulu from Festival Cos. and the Hawaiian educational pension fund Kamehameha Schools. Eastdil Secured represented the sellers.
Financial terms of the transaction are confidential; however, Real Capital Analytics confirms the price to be approximately $700 million. The announcement was released in June.
Royal Hawaiian Center, the premier shopping, dining and entertainment destination in Waikiki, is located on a 6.3-acre parcel along a three-block stretch of famed Kalakaua Avenue. The center comprises more than 322,000 square feet of leasable area with mo