PRCP acquires second Hawaii center

Pacific Retail Capital Partners (PRCP) has acquired a new tropical property.

The real estate firm has announced that together with its joint venture partners, Starwood Property Trust (Starwood) and Taconic Capital Advisors LP (Taconic), it has acquired Kings’ Shops located in Waikoloa, Hawaii. The acquisition of the nearly 70,000-sq.-ft. luxury resort retail destination marks the second asset in PRCP’s portfolio in Hawaii. The company also manages Queen Kaʻahumanu Center in Maui. The terms of the acquisition were not disclosed.

The property on Hawaii’s “big island” features a mix of local and national retailers, such as Tiffany & Co., Tommy Bahama, Lululemon, Travis Matthews, Kahala, and Tori Richard, and full-service restaurants, including Roy’s Waikoloa Bar & Grill by Chef Roy Yamaguchi, Foster’s Kitchen and A-Bay’s Island Grill.

“We are thrilled to have acquired Kings’ Shops alongside highly-respected institutional partners Starwood and Taconic,” stated Oscar Parra, an executive on PRCP’s Capital Markets team. “We have inherent familiarity with this asset given we have managed it for the past several years and know firsthand how important of an economic engine it is for The Big Island. We truly believe that no one understands this property better than we do and are very excited to continue building upon the progress we have already made to improve the shopping experience while also overseeing its long-term success.”