Pacific Business News recently reported that The Sullivan Family of Companies, operators of Foodland and many other food markets, recently purchased the Princeville Center, the retail center where their Foodland store resides on the north shore of Kauai, for $51.3 million. In addition to the existing retail center, the purchase also includes an adjacent 10 acre parcel which could be developed for retail or residential use in the future.
With this purchase of the Princeville Center, the Sullivan Family of Companies makes a strategic move that allows them to become their own landlord and control all future tenancy at largest retail center on the north shore of Kauai. If they should ever want to (as it has been rumored they might), they could now much more easily build a new, larger Foodland store nearby, terminate their own lease at will, and keep other grocery store competitors from back-filling their current space.
The Sullivan Family of Companies also made news recently when they signed a lease of 10,000 square feet of retail space and became the anchor tenant at the new Kilauea Lighthouse Village development. The food market they will open in that location will be called The Market at Kilauea, and they intend it to be the largest supporter of local growers in the entire state of Hawaii.
This news of the Princeville Center selling also comes in the wake of the news of the $343 million Princeville Resort Sale late in 2014, the second largest sale of the record-setting year for Hawaii.