Maui Business

Lahaina Gateway Center Changing Hands

October 19, 2012, 7:52 AM HST
* Updated October 20, 5:16 AM
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Lahaina Gateway Center. Photo courtesy of Lahaina Gateway Center.

By Sonia Isotov

TNP Strategic Retail Trust Inc., a California-based retail investment trust, announced that they will close on the purchase of Lahaina Gateway Center from Central Pacific Bank by the end of the month.

Pacific Business News (PBN) is reporting that TNP has an agreement of sale to buy the 137,000-square-foot center which opened in 2008, and went into foreclosure in 2011.

Central Pacific had filed foreclosure against developer Bilarjo LLC in Feburary 2011, according to Pacific Business News’ earlier reports. Bilarjo is an investment group led by Bill Gresham, Lawrence Cast and Jolyn Bien and according to the PBN, the bank alleged Bilarjo owed almost $48 million in unpaid principal, interest and fees on two mortgages totaling $48.3 million at that time.

The purchase price was not disclosed but TNP said that they were expecting to close at the end of the month. TNP also said that they were buying it at a “substantial discount” since it is a direct purchase of a bank-owned asset.

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Currently, the center is anchored by Foodland Farms, Outback Steakhouse, Barnes & Noble, Foot Locker and Office Max.

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