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Pearl Highlands Shopping

Pearl Highlands Shopping Ctr Case Study Colliers International

Pearl Highlands Shopping Center, Pearl City, Hawaii
$141.5 milllion

The challenge

We kept an unconventional shopping center competitive and successful despite increased competition in the area and changing market conditions.

The services and results

We secured Sam’s Club as anchor tenant in 1993, when Hawaii was perceived as unprofitable. When LaSalle Investment Management purchased the property in 2000 for $62.4 million, we were retained for leasing and management and secured CompUSA and renewed Ross Stores at higher rents.

In 2004, we brokered the center’s sale to Morgan Stanley for $113.5 million – nearly twice the purchase price in 2000. We were retained for leasing and management, increasing NOI by 8 percent by adding Puma as a tenant and leasing an additional 8,300 square feet.

In 2006, AEW purchased the center for $137.5 million, a 21 percent increase over the previous price. Colliers kept growing value, selling a 1.62-acre out-parcel across the street and securing 24-Hour Fitness Super Sport and Buffalo Wild Wings as tenants.

After A&B Properties acquired the center in 2013 for $141.5 million, we relocated a key national tenant to create open space currently under contract with a national food chain, explored a remodel of the food court and boosted sales of existing tenants.

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