11North Partners has landed $96 million of acquisition debt for a two-asset grocery-anchored retail portfolio in Lahaina, Hawaii. PNC Bank supplied the fixed-rate loan.
The debt facilitated the $155 million acquisition of the adjacent Lahaina Cannery and Lahaina Gateway properties. The seller was an affiliate of U.S. Realty Partners, according to Northmarq, which arranged the deal.
The properties sit across from each other on Hawaii Route 30 and net 5 million customers annually, according to Northmarq.
Lahaina Cannery at 1221 Hawaii State Route 30 is more than 95 percent leased, anchored by Safeway and Longs Drugs. The Lahaina Gateway property across the highway at 325 Kaewe Street is anchored by Foodland Farms, Ross Dress for Less and Ace Hardware.
Brian Harper, CEO of 11North Partners, said in a statement that the acquisition represents the firm's first entry into the Hawaii market.