U-Haul's sister company buys land under old Kmart store on Maui

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U-Haul’s sister company has purchased the land under the former Kmart store on Maui for $26.8 million, according to public records.
Amerco Real Estate, a subsidiary of Reno, Nevada-based Amerco, recently closed on its purchase of the seven-acre parcel that includes the 108,000-square-foot former Kmart building located at 424 Dairy Road in Kahului. The purchase price comes out to about $88 per square foot.
The seller was Wisconsin-based Hendricks Commercial Properties LLC, which purchased the land under what was the island’s lone Kmart store in 2015 from San Francisco-based SPI Holdings for about $20.5 million.
The building is owned by KM Maui Partners, which has ties to Honolulu-based developer The MacNaughton Group.
Besides U-Haul and Amerco Real Estate, Amerco’s other subsidiaries include Republic Western Insurance Co. and Oxford Life Insurance Co.
The Maui Kmart store closed earlier this year, following others across the state, leaving only two other Neighbor Island stores that remain open.



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