The Shops at Wailea sold for $342 million earlier this month to a Chicago-based company that has investments worldwide, according to state records.
HART Wailea LLC, which lists its managing member as Heitman America Real Estate Holding in Chicago in state records, is now the owner of the high-end mall, which sits on nearly 16 acres in Wailea, near the Grand Wailea.
The deed was recorded by the state Bureau of Conveyances on Aug. 13. The Mills Group, based in Honolulu, is the reported seller with The Shops at Wailea listed on its website as one of its projects. The site touts the shopping center as “widely praised as one of the best retail projects in Hawaii.”
Emails sent to Heitman America and The Mills Group were not answered.
Opening in 2000, the more than 150,000-square-foot shopping center is home to luxury brands Louis Vuitton and Tiffany & Co. as well resort and surfwear stores Quiksilver, Honolua Surf Co. and Tommy Bahama Restaurant & Bar. There also are real estate companies and restaurants, including Ruth’s Chris Steak House and Longhi’s.
The shopping center’s total assessed value is $217 million, according Maui County property tax records.
The center has been in the news recently, not for its potential sale, but for instituting a paid parking system in June. There were outcries against the mall and the new paid parking from merchants and customers.
A mall spokeswoman confirmed this week that there currently is no paid parking with “more info to come soon.” No response was given to questions regarding future plans for paid parking or why it has been halted.
Merchants and shopping center customers have indicated that there have been issues with the paid parking system, with gates to the lots open from time to time.
Accompanying the new ownership are new management and leasing officials. JLL, formerly Jones Lang LaSalle, is the newly appointed management company at the center. The new leasing agent is Leslie Brown Associates.
Brian K. Yano is the new general manager. He previously was director of facilities, engineering and nutrition services for Hawaii Health Systems Corp.-Maui Region, the quasi-public entity that helps run Maui Memorial Medical Center and Kula and Lanai Community hospitals. He also has worked at A&B Properties as director of property management for Hawaii and asset manager for the Neighbor Islands, according to a news release.
Recent tenant additions to the center include Prada, Aloha Hat Co. and aFeinberg Gallery and the regrand opening of Tori Richard, which has changed locations. Island Gourmet Markets, which has gone up adjacent to the shopping center on the Kihei side, will open in September.
The new management, leasing and marketing teams all are working together on the transition and to clearly define their long-term vision with input from merchants, according to an email from a mall spokesperson.
The Shops at Wailea sale comes several months after a record home sale down the road in Makena for $41.8 million.
* Melissa Tanji can be reached at mtanji@mauinews.com.
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