Pacific Retail Capital Partners Acquires Kings’ Shops in Waikoloa, Hawaii Alongside JV Partners Starwood Property Trust and Taconic Capital Advisors
Pacific Retail Capital Partners (PRCP) has acquired Kings' Shops in Waikoloa, Hawaii, in partnership with Starwood Property Trust (STWD) and Taconic Capital Advisors. The nearly 70,000-square-foot luxury resort retail destination marks PRCP's second asset in Hawaii. The joint venture plans to implement extensive common area capital improvements through their 'Big Changes for the Big Island' campaign. Kings' Shops features retailers like Tiffany & Co., Tommy Bahama, and restaurants including Roy's Waikoloa Bar & Grill. PRCP's management has already attracted new retailers such as Travis Matthews, Lululemon, and Kahala, and plans to continue this leasing momentum into 2025.
Pacific Retail Capital Partners (PRCP) ha acquisito i Kings' Shops a Waikoloa, Hawaii, in partnership con Starwood Property Trust (STWD) e Taconic Capital Advisors. La lussuosa destinazione commerciale, che si estende per quasi 70.000 piedi quadrati, rappresenta il secondo asset di PRCP nelle Hawaii. La joint venture prevede di attuare estesi miglioramenti nelle aree comuni attraverso la campagna 'Big Changes for the Big Island'. I Kings' Shops ospitano rivenditori come Tiffany & Co., Tommy Bahama e ristoranti tra cui Roy's Waikoloa Bar & Grill. La direzione di PRCP ha già attratto nuovi rivenditori come Travis Matthews, Lululemon e Kahala, e prevede di continuare questo slancio di leasing fino al 2025.
Pacific Retail Capital Partners (PRCP) ha adquirido los Kings' Shops en Waikoloa, Hawái, en asociación con Starwood Property Trust (STWD) y Taconic Capital Advisors. Este destino comercial de lujo, que abarca casi 70,000 pies cuadrados, marca el segundo activo de PRCP en Hawái. La empresa conjunta planea implementar extensas mejoras en las áreas comunes a través de su campaña 'Big Changes for the Big Island'. Los Kings' Shops cuentan con minoristas como Tiffany & Co., Tommy Bahama y restaurantes como Roy's Waikoloa Bar & Grill. La dirección de PRCP ya ha atraído a nuevos minoristas como Travis Matthews, Lululemon y Kahala, y planea continuar este impulso de arrendamiento hasta 2025.
Pacific Retail Capital Partners (PRCP)가 하와이 와이꼴로아의 킹스 샵스를 Starwood Property Trust (STWD) 및 타코닉 캐피탈 어드바이저와 파트너십을 통해 인수했습니다. 이 호화로운 리조트 소매 목적지는 거의 70,000제곱피트에 달하며 PRCP의 하와이 내 두 번째 자산을 나타냅니다. 합작 투자에서는 'Big Changes for the Big Island' 캠페인을 통해 광범위한 공용 공간 개선을 계획하고 있습니다. 킹스 샵스에는 Tiffany & Co., Tommy Bahama와 Roy's Waikoloa Bar & Grill과 같은 레스토랑이 있습니다. PRCP의 경영진은 이미 Travis Matthews, Lululemon 및 Kahala과 같은 새로운 소매업체를 유치했으며, 2025년까지 이 임대 모멘텀을 지속할 계획입니다.
Pacific Retail Capital Partners (PRCP) a acquis les Kings' Shops à Waikoloa, Hawaii, en partenariat avec Starwood Property Trust (STWD) et Taconic Capital Advisors. Cette destination de détail de luxe, qui couvre près de 70 000 pieds carrés, marque le deuxième actif de PRCP à Hawaii. La coentreprise prévoit de réaliser d'importantes améliorations des espaces communs grâce à leur campagne 'Big Changes for the Big Island'. Les Kings' Shops abritent des détaillants tels que Tiffany & Co., Tommy Bahama, ainsi que des restaurants comme Roy's Waikoloa Bar & Grill. La direction de PRCP a déjà attiré de nouveaux détaillants comme Travis Matthews, Lululemon et Kahala, et prévoit de maintenir cet élan de location jusqu'en 2025.
Pacific Retail Capital Partners (PRCP) hat die Kings' Shops in Waikoloa, Hawaii, in Partnerschaft mit Starwood Property Trust (STWD) und Taconic Capital Advisors übernommen. Das fast 70.000 Quadratfuß große Luxushotel-Einzelhandelsziel stellt PRCPs zweiten Vermögenswert in Hawaii dar. Das Joint Venture plant, umfangreiche Verbesserungen in den Gemeinschaftsbereichen durch die Kampagne 'Big Changes for the Big Island' umzusetzen. Die Kings' Shops bieten Einzelhändler wie Tiffany & Co., Tommy Bahama und Restaurants wie Roy's Waikoloa Bar & Grill. Das Management von PRCP hat bereits neue Einzelhändler wie Travis Matthews, Lululemon und Kahala angezogen und plant, diesen Leasingmomentum bis 2025 fortzusetzen.
- Acquisition expands PRCP's Hawaiian portfolio to two properties
- Strong existing tenant mix with premium retailers and restaurants
- Recent successful tenant additions including Lululemon
- Planned capital improvements to enhance property value
- Demonstrated leasing momentum expected to continue through 2025
- None.
Insights
This strategic acquisition of Kings' Shops represents a significant real estate investment play in Hawaii's luxury retail market. The 70,000 square foot property benefits from strong institutional backing through the joint venture between PRCP, Starwood Property Trust and Taconic Capital Advisors. The property's tenant mix of premium retailers like Tiffany & Co., Lululemon and Tommy Bahama indicates strong revenue potential.
The planned capital improvements and existing leasing momentum suggest potential for value appreciation. The property's location in Waikoloa's resort area and PRCP's successful track record with Queen Ka'ahumanu Center in Maui provides confidence in their ability to execute the planned enhancements and attract high-quality tenants. The partnership's commitment to community engagement through events like the Great Waikoloa Rubber Duckie Race demonstrates a solid strategy for maintaining consistent foot traffic.
The acquisition strengthens the luxury retail landscape in Hawaii's tourist-heavy Kohala Coast. The property's recent success in attracting premium brands like Travis Matthews and Lululemon indicates strong market demand and leasing potential. The combination of high-end retail, dining establishments by renowned chefs and regular community events creates a compelling mixed-use destination that appeals to both tourists and locals.
PRCP's proven management approach and focus on local cultural integration, coupled with planned capital improvements, positions Kings' Shops to capture increased market share in Hawaii's luxury retail sector. The partnership's commitment to maintaining the property's local character while elevating its retail offerings should drive sustained foot traffic and tenant performance.
Solidifies PRCP’s presence on The Big Island, reflecting its deep appreciation for the Hawaiian culture and the Aloha spirit
Expects to carry over the recent positive leasing momentum to 2025 and beyond to create a world-class shopping and dining destination
PRCP, Starwood and Taconic have a deep appreciation for the Hawaiian culture and the Aloha spirit that permeates throughout The Big Island and will leverage their collective expertise and relationships to further elevate the environment at Kings’ Shops to create a world-class shopping and dining experience. The companies plan to carry over the leasing momentum that has occurred at the property over the past few years into 2025 and beyond to ensure it continues to meet the evolving needs of the vibrant
“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. We look forward to ensuring Kings’ Shops remains a vibrant and prideful fixture in this community for years to come.”
PRCP’s differentiated approach to property management and customer engagement were critical to attracting several of the new high-profile retailers at Kings’ Shops, including Travis Matthews, Lululemon and Kahala. The Company specializes in taking a very hands-on role in the day-to-day operations of its centers and conceiving unique and targeted events and campaigns that resonate broadly throughout each community it serves. For instance, at Kings’ Shops, PRCP organizes and hosts the highly anticipated Great Waikoloa Rubber Duckie Race in partnership with local businesses that attracts thousands of people from all over The Big Island each year.
Taconic investment team member Austin Friedman added, “Kings' Shops stands out as a cornerstone of the
Jason Jones, Starwood’s Chief Investment Officer, Real Estate Investing Division added that “Starwood is excited to be working with our longstanding partners on this new vision for Kings’ Shops. The reimagining of this asset will bring a tremendous energy to the neighborhood, visitors and residents of The Big Island.”
Kings’ Shops is located in the heart of the Kohala Coast and features a dynamic mix of local and national retailers, such as Tiffany & Co., Tommy Bahama 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. In addition to shopping and dining, the family-friendly destination hosts live entertainment, including music and fire dancing, weekly farmers markets and monthly night market events.
About Pacific Retail Capital Partners
Pacific Retail Capital Partners (PRCP) is one of the nation’s premier retail operating groups of large open- air and enclosed shopping centers, with more than
About Taconic Capital Advisors LP
Taconic Capital Advisors LP (“Taconic”) is a global institutional investment firm that pursues an event-driven, multi-strategy investment approach designed to generate strong, risk-adjusted returns over multiple market cycles. Taconic was founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. The firm has approximately
Taconic’s full-service commercial real estate platform invests in all asset classes and across the capital structure in both public and private markets. The strategy’s broad mandate offers flexibility to capitalize on shifting market opportunities, creating uncorrelated risk-adjusted return profiles for investors. Rooted in distressed and opportunistic investing, the team applies high-touch asset management capabilities to drive strong asset-level performance and capital market executions. Well-established relationships drive Taconic’s differentiated and diverse transaction sourcing channels which include local operating partners, investor partners and a broad network of lenders, CMBs special servicers, trading desks and brokerage houses.
Taconic’s series of closed-ended real estate funds are fully discretionary and have received over
About Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD) is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. An affiliate of global private investment firm, Starwood Capital Group, the Company has successfully deployed over
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Media Contacts:
Pacific Retail Capital Partners
prcp@icrinc.com
Taconic Capital
mgeller@prosek.com / ekapsack@prosek.com
Starwood Property Trust
ztanenbaum@starwood.com
Source: Pacific Retail Capital Partners
FAQ
What is the size of the Kings' Shops property acquired by PRCP and Starwood Property Trust (STWD)?
Who are the joint venture partners in the Kings' Shops acquisition with STWD?
What major retailers are currently located at Kings' Shops?
What new retailers has PRCP attracted to Kings' Shops?
