California firm buys Hawaii shopping center

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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.


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