April 19, 2005
Avalon acquires Mariner's Alley
A group of investors led
by the Avalon Development Group has bought Mariner's
Alley in Lahaina for $16.4 million.
The 14,450-square-foot property at 844 Front Street
houses Moose McGillycuddy's Pub and Cafe, Lassen's
Art Gallery and
Higgins Hart International Art Galleries.
The acquisition also includes a 9,799-square-foot vacant
parking lot on Lahainaluna Road. The lot is zoned B-2
with water and
power lines and Avalon is looking at developing the property,
said Christine Camp Friedman, managing director of Avalon
Development Company LLC.
"This acquisition met our criteria for implementing
our investment strategy of securing properties generating
higher than
market cap rates, with upsides for development," Camp
Friedman said. "We plan to hold onto the shopping
center for the longterm
as it is generating a significantly enhanced, positive
leveraged return."
Pacific Business News (Honolulu) - April 19, 2005
http://pacific.bizjournals.com/pacific/stories/2005/04/18/daily17.html
© 2005 American City Business Journals Inc.
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