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Watumull Properties Corp. has purchased Pahoa Marketplace, a 43,330-square-foot multi-tenant retail center in Hawaii Island's Puna District, for $8.3 million, the company announced Nov. 9.
The company represented itself in the purchase.
CBRE earlier this month announced that the property had been sold, but could not disclose the buyer.
Jim Shipman with CBRE Advisory and Transaction Services and Matt Bittick with CBRE Capital Markets Institutional Properties represented the seller, Walker Apartments LLC, in the transaction.
“We are excited to add the Pahoa Marketplace to the Watumull Properties portfolio of real estate,” JD Watumull, president of Watumull Properties, said in a statement. “Our company is dedicated to working with the Puna District community to provide visitors and residents with a variety of shopping, dining and gathering opportunities at the Pahoa Marketplace for generations to come.”
According to an announcement from the company, the marketplace was built in 2004 and sits on 8.4 acres. The shopping center is comprised of seven buildings and was previously anchored by a grocery store, with a new tenant under negotiations, the announcement noted. It also includes a fuel center, multiple outparcel pad sites and 219 surface parking spaces.
“Our company is dedicated to the future of Hawaii and will seek out opportunities to enhance the Puna District just as we have across the Islands for multiple generations,” Watumull continued.
Watumull Properties earlier this year acquired the commercial condominiums within Waikiki's Ilikai Hotel & Luxury Suites for an undisclosed sum and the Niumalu Marketplace in Kailua-Kona for $66 million.
It also owns the Keaau Shopping Center in Keaau, the announcement noted.