Pacific Business News has reported that the Safeway-anchored Kauai Village Shopping Center in Kapaa is being purchased by a Texas real estate investment company, Epic Real Estate Partners. This purchase marks the first investment in the state of Hawaii for the Texas-based real estate investment company. Kauai Village Shopping Center is a 109,592-square-foot retail center situated on 7.95 acres of land directly across the street from Waipoli Beach Resort, and is home to both local and national tenants that include Starbucks, ABC Stores, Panda Express, and most recently the brand new Ross Dress for Less store. The center was built in 1990 and last sold in 2007 for $40 million. The current sale prices has not yet been disclosed.
Epic Real Estate Partners calls themselves a “value-add” buyer, seeking properties that they believe they can improve in a variety of ways, both physically and tenant-mix wise. Given the most recent overhaul to the space being leased by Ross Dress for Less, one may expect that Epic will be planning similar improvements to all other areas in the project.
Very recently, Wyland restored two murals at the shopping center, located along both Kuhio Highway and on the clock tower at the shopping center. To read more about the mural restoration, click here.