11North Partners has secured US$96 million in acquisition financing for the purchase of a two-property, grocery-anchored retail portfolio in Lahaina, Hawaii, on the island of Maui. PNC Bank provided this fixed-rate loan to facilitate the US$155 million acquisition of the adjacent Lahaina Cannery and Lahaina Gateway properties from an affiliate of U.S. Realty Partners.
Northmarq arranged the transaction. Northmarq’s debt and equity team, comprising Joe Giordani, Alex Kane, and Matt Radich, negotiated the deal. The sale was handled by Northmarq’s Los Angeles Investment Sales team, led by Bryan Ley and Tim Kuruzar, with Jamie Brown of Hawaii Commercial Real Estate acting as co-broker.
Wettbewerbsfähiger Prozess und strategische Standorte
Joe Giordani stated that they ran a highly competitive process across the entire lending landscape. He emphasised that the transaction demonstrates that banks remain extremely competitive for well-structured, institutional opportunities, especially when they can combine attractive pricing with the flexibility of tailored, non-recourse financing.
The opposing properties on Hawaii Route 30 record 5 million customers annually, according to Northmarq, and benefit from West Maui’s extensive tourism economy. Lahaina Cannery, located at 1221 Hawaii State Route 30, boasts an occupancy rate of over 95 percent. Major tenants include Safeway and Longs Drugs. Other tenants comprise Starbucks, ABC Stores, Bank of Hawaii, First Hawaiian Bank, and Jersey Mike’s.
Dominante Anker und lokale Bedeutung
Lahaina Gateway, situated at 325 Kaewe Street, is anchored by Foodland Farms, Ross Dress for Less, and Ace Hardware. Other tenants include O’Reilly Auto Parts, T-Mobile, Central Pacific Bank, and Maui Powerhouse Gym.
Bryan Ley highlighted that Lahaina Cannery and Lahaina Gateway are the leading grocery-anchored properties in West Maui. Their productivity, renowned tenants, and the services they provide to the local community and tourists prove their dominance on the island. This highly competitive sale also underscores the strong demand for prime, grocery-anchored centres with further value-add potential in markets with high barriers to entry and limited competition.
