Shimogawa Scoops

A California real estate investment firm has purchased a shopping center on the Big Island of Hawaii for about $13.6 million. The nearly three-acre Coconut Grove Marketplace in Kailua-Kona, which includes nearly 30,000-square-feet of building space, is home to such tenants as Outback Steakhouse, Bongo Ben's Island Café and Humpy's Ale House. The seller of the shopping center on Alii Nui Drive was Texas-based Lone Star Funds. The shopping center has a total assessed value of about $6.9 million, public records show. The sale comes out to a purchase of $104 per square foot.

Dunkin' Donuts is opening a new shop inside at food court facility at the University of Hawaii Manoa campus in Honolulu. The East Coast donut and coffee giant filed a $50,000 building permit with Honolulu regulators on Thursday for its new shop at the Paradise Palms Cafe at UH Manoa. Aloha Petroleum is the exclusive franchisee for Dunkin' Donuts in Hawaii, which recently re-entered the Hawaii market with a location near the Honolulu International Airport. Several other donut shops are planned for the Islands. Paradise Palms is managed by UHM Food Services, and is located on the upper campus next to Hamilton Library and Kennedy Theater. It currently includes more than five food vendors, an air-conditioned dining room and an outdoor seating area.  Founded in Massachusetts in 1950, the company has grown to become one of the largest of its kind in the world with over 12,000 locations in more than 35 countries. Dunkin' reported revenues of $829 million in 2016. Its par

Castle & Cooke plans to start construction on its 3,500-home Koa Ridge project in Central Oahu by the end of the year. The 576-acre project in Waipio near the Costco Wholesale store is expected to deliver its first homes and commercial spaces in 2019.  Last month, a consultant for the developer gave a brief update to the Pearl City Neighborhood Board, noting that road improvements are expected to be done prior to the issuance of a certificate of occupancy for any development within the long-planned project. Koa Ridge is expected to include a mix of housing types as well as retail and restaurant spaces, among other things. Towards the west in the Ewa plain, another major housing project — D.R. Horton Hawaii's 11,750-home Hoopili project has recently started construction. Despite these projects, and the condominium towers being built in Honolulu, the island of Oahu continues to be plagued by the lack of housing inventory, which has driven prices higher than they have e

The Denver company that recently purchased Hawaii-based Outrigger Hotels and Resorts' portfolio of 37 properties has acquired another Hawaii hotel — the 311-room Courtyard Kaua'i at Coconut Beach on the eastside of the Garden Isle. The sale of the hotel, which was traded for $61.6 million, or $198,070 per room, closed last month. The 169,787-square-foot hotel occupies nearly 11 acres of land along Waipouli Beach, and has a total assessed value of $37.7 million. The seller — Kauai Coconut Beach LLC — purchased the hotel for $38 million in 2010. KSL Capital, which focuses on investing in travel and leisure businesses, has raised more than $7.5 billion in private equity and credit funds since 2005. Its investment portfolio includes such businesses as hotels and resorts, clubs, fitness, family entertainment, skiing and resort real estate.

A California-based developer that has three residential projects in the works on Oahu, including two in Honolulu, may be looking to develop another such project in Downtown Honolulu. Franco Mola's Coastal Rim Properties, which is the developer behind the planned 803 Waimanu Street and 929 Pumehana Street projects in Honolulu, as well as another project in Kapolei, filed a sewer connection application Tuesday to check sewer capacity on a Downtown Honolulu surface parking lot that went on the market earlier this year. The 12,842-square-foot lot at the corner of Alakea and Beretania streets, owned by Chicago's Next Realty, is currently being used as a nearly 40-stall parking lot. The possible development scenarios for the parcel include building a residential, hotel, office, retail or parking garage. Coastal Rim's permit includes a job description for "MCXCII Tower" for applicant "Alakea Affordable Housing," a company formed by Coastal Rim. The BMX-

The University of Hawaii has given the green light on a joint venture involving Hawaii's Stanford Carr Development and Texas-based Hunt Cos. to develop 500 acres at the University of Hawaii West Oahu campus in Kapolei into an integrated campus and university village. Last month, the university executed an exclusive negotiation agreement with Carr and Hunt for a term of 12 months. The project includes mixed-use components including retail, restaurants and housing, among others. The university said a presentation on plan options is scheduled for next month.

More than 100 acres of land at University of Hawaii West Oahu's campus could be turned into a major agricultural venture. The University of Hawaii seeks to partner with a commercial agricultural company that can integrate agriculture education and workforce develop into its Sustainable Community Food Systems program. The plan would involve 120 acres of Class "A" ag-zoned lands on UH West Oahu's Mauka property in Kapolei. The university plans to issue an invitation to submit a proposal by the end of the year, according to recently filed public documents.