11North Partners buys two Lahaina retail centers for $155M with PNC loan

11North Partners has acquired Lahaina Cannery and Lahaina Gateway, two West Maui retail centers totaling 281,884 square feet, for $155 million, IREI reported.

Northmarq arranged the sale and the $96 million acquisition financing, which it secured through PNC Bank as a permanent, fixed-rate loan.

Against the reported figures, the price works out to about $550 per square foot and the financing covers roughly 62 percent of the purchase.

Lahaina Cannery, 145,839 square feet at 1221 Honoapiilani Highway, is anchored by Safeway and Longs Drugs and is more than 95 percent leased, with Starbucks, ABC Stores, Bank of Hawaii, First Hawaiian Bank and Jersey Mike's among its tenants.

Lahaina Gateway, 136,045 square feet at 325 Keawe St., is anchored by Foodland Farms, Ross Dress for Less and Ace Hardware, and lists O'Reilly Auto Parts, T-Mobile, Central Pacific Bank and Maui Powerhouse Gym among its tenants.

The centers sit across from each other at a major commercial intersection in West Maui and together draw more than 5 million customer visits a year, according to IREI.

An affiliate of Westlake Village, Calif.-based U.S. Realty Partners, led by Jay Kerner, was the seller.

Northmarq's Los Angeles investment sales team, led by Bryan Ley and Tim Kuruzar, arranged the sale with Jamie Brown of Hawaii Commercial Real Estate; the firm's Newport Beach debt and equity team — Joe Giordani, Alex Kane and Matt Radich — secured the financing through PNC Bank.