July 21, 2016 Comments Off on Hawaii Developer Buys 67K-SF Retail Center from Church Views: 578 Hawaii, National News, West

Hawaii Developer Buys 67K-SF Retail Center from Church

July 21, 2016

Hawaiian developer Peter Savio bought the 66,786-square-foot Niu Valley Shopping Center in East Oahu through an off-market transaction. First Assembly Kings Cathedral and Chapels, which owns the adjacent King’s Chapel East Oahu, pocketed $18.5 million in the transaction.

Savio intends to sell the spaces at 549 Halemaumau St. to the tenants in a condominium conversion plan. However, an on-site 7-Eleven was not part of the transaction.

Joseph C. Leonardo teamed with Savio Realty to broker the deal. “I wish there was more good product like Niu Valley Shopping Center to sell,” Leonardo said. “It has all the fundamentals of good real estate including prime location, strong and stable trade area, fee-simple land and limited commercial property available in the area for more development.”