Waikiki: Royal Hawaiian Shopping Center sold
The Royal Hawaiian Shopping Center is a landmark tourist shopping district in Waikiki and considered by many the main upscale shopping center in the heart of Waikiki.
The Royal Hawaiian Shopping Center is a landmark tourist shopping district in Waikiki and considered by many the main upscale shopping center in the heart of Waikiki. Many designer stores – Apple, The Cheesecake Factory, Wolfgang’s Steak House – and other stores and restaurants call the Royal Hawaiian Shopping Center home. It is located between the famous oceanfront Royal Hawaiian Hotel and oceanfront Kalakaua Avenue.
An investment banking firm bought the Royal Hawaiian Center from Kamehameha Schools. The sale involves the single-biggest asset of the Hawaiian trust but not the land the mall is built on.
Kamehameha Schools said on Friday that J.P. Morgan Asset Management bought Waikiki’s biggest shopping center for an undisclosed price.
The sale includes the mall buildings but not the underlying land.
Kamehameha trust wanted to reduce its US$9 billion investment holdings and reduce risks.
The mission for Kamehameha trust is to educate Native Hawaiian children and it spends more than US$300 million to do this.
Besides education investment projects for the trust include conservation land stewardship and major real estate development projects in Haleiwa and Kakaako. The money will help to expand on this.