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HONOLULU, HI - As a result of overall growth and investment in the retail market, PM Realty Group (PMRG), a nationwide, full-service commercial real estate firm, has expanded its Hawaii retail portfolio from 934,858 square feet to 1.3 million square feet -- a 28 percent increase in one year.
“The overall growth of the Hawaii retail market, including investment sales, leasing and management, has resulted in record retail growth for PM Realty Group in Hawaii,” said Scott Kuklish, senior vice president/director of PMRG’s Pacific division. “We’re confident the retail market will remain strong and that PM Realty Group’s retail portfolio will continue to grow throughout the year.”
Over the last 18 months, rental rates in Hawaii have increased 30 percent and occupancy continues to increase. Occupancy is nearly 98 percent at the majority of retail centers managed and leased by PMRG. In the past year, a strong economy has helped attract several mainland retailers, who had previously been absent in Hawaii. Nordstrom, Target, Ruth’s Chris and Macaroni Grill have all recently expanded or are committed to entering the Hawaii market in 2006.
Hawaii’s retail growth is directly linked to boosts in tourism and population. According to preliminary numbers released by the state Department of Business, Economic Development and Tourism, Hawaii’s total visitor arrivals, visitor days, and spending reached record levels in 2005. One of the most significant changes in the market place has been the increased presence of visitors from the Mainland U.S., growing from 59.7 percent of total arrivals in 2000 to 63.3 percent in 2005. In addition, sales of vacation homes to mainland residents have increased, as well as usage of timeshares in Hawaii.
“While Hawaii has become an attractive retail market over the past 12 months, PM Realty Group has maintained a dominant presence in the market for many years, with a strong leasing and management portfolio in several product types,” Kuklish noted.
PMRG has been offering services to the local Hawaii market since 1989. Currently, PMRG Hawaii has approximately 5.5 million square feet of office, retail and industrial property under contract. PMRG handles the management and leasing of several key retail projects currently under development and/or completed. These include the following:
- Maui Lani Shopping Center - Kahului, Maui, HI . Scheduled to open in spring 2007, the 126,000-square- foot retail center will included tenants such as Safeway.
- The Avenue Shops at Safeway Center - Oahu, HI . Opening fall 2007, this 78,000- square-foot, Safeway-anchored center is at the apex of Kapahulu and H-1 Freeway. It is surrounded by a very large and dense residential community, University of Hawaii and more than 33,000 hotel rooms in Waikiki.
- Laulani Center - West Oahu, HI . The mixed-use retail and office complex is situated on 20 acres of land along the main thoroughfare in the growing community of Ewa Beach. Upon completion in 2007, the Safeway-anchored center will be comprised of 255,000 square feet of shops. It will meet the requirements of the expanding communities of West Oahu and connect to the Second City of Kapolei.
- Waiakea Center - Hilo, HI . Waiakea Center is one of only three highly successful power centers in the state of Hawaii. The 231,279-square-foot retail center includes tenants such as Wal-Mart, Ross Dress for Less, Borders Books and Office Max.
- Waikele Center - West Oahu, HI . This 202,955-square-foot power center includes primary tenants such as Lowes, Sports Authority, Old Navy, Comp USA, Borders & Kmart. More than 200,000 people live within a five-mile radius of the shopping center.
- The Crossroads Shopping Center - Kailua-Kona, HI . The 75,247-square-foot retail center is located on seven acres of land and includes tenants such as Safeway, Coldstone Creamery, Subway and AT&T Wireless.
Adding to its regional office in Honolulu, PMRG opened two new offices in December 2005 on the Big Island and Maui. Over the next year, PMRG's Retail Pacific Division plans to expand its capabilities to include full-service operations on all the islands. |
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About PM Realty Group
PM Realty Group is a privately-held real estate service organization with more than 1,300 employees and 20 divisional and regional offices. Based in Houston, Texas, the company traces its roots back to 1954. PM Realty Group today conducts business in nearly every state, providing comprehensive real estate services to institutions, investors, corporations, real estate investment trusts, government agencies and healthcare providers.
PM Realty Group offers clients the full spectrum of real estate services, including property and facility management, leasing and marketing, corporate services, investment services, construction management, asset management and development, engineering services, portfolio administration, disposition and acquisition, consulting and due diligence and healthcare services. |
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