KAHULUI — Put up for sale with no asking price last fall, Maui Marketplace was pulled from listings mid-January when the owner decided not to sell.
The 263,000-square-foot shopping center, anchored by Old Navy and Office Max, is located on about 20 acres in two parcels at 270 Dairy Road in Kahului, and it has a total assessed value of $87 million, according to Maui County tax records.
Owner Alaska Permanent Fund Corp. did not cite a reason for switching its stance, according Tom Lagos, executive vice president of JLL, which manages and leases Maui Marketplace.
“I never got a good reason why,” he said via phone from Los Angeles on Friday. “They got the prices they were expecting.”
“The decision was a bit curious,” Lagos added.
Bids were expected to reach $55 million for the center, which was 45 percent leased in the fall, according to a report in Pacific Business News.
The first round of bids occurred in early December and the second was in late December. Around Jan. 15, Alaska Permanent Fund Corp. halted the sale, Lagos said.
Meanwhile, Maui Marketplace continues to suffer substantial vacancies.
Within recent years, the center saw drastic changes when largest tenants Sports Authority, of about 100,000 square feet, and Lowe’s, of 77,000 square feet, vacated. Lowe’s moved to the Maui Business Park near Target in Kahului, and Sports Authority went out of business worldwide in 2016.
The Sports Authority spot remains vacant. The area that once housed Lowe’s is being leased on a month-to-month basis by Jim Falk Motors, which is storing vehicles there.
“That’s a huge amount of vacancies,” Lagos said.
Maui Marketplace Investment Group Inc., an Alaska fund subsidiary, has owned Maui Marketplace since 2000. Its buildings were erected in 1996, according to property tax information. Building permit records cite completion in 1997.
Alaska Permanent Fund Corp. did not respond to requests for comment Friday.
* Kehaulani Cerizo can be reached at kcerizo@mauinews.com.
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