NEWS RELEASE
The MacNaughton Group
1288 Ala Moana Blvd., Suite 208, Honolulu, HI 96814
FOR IMMEDIATE RELEASE – June XX, 2010
CONTACT: Anita Boeker, Director of Sales & Marketing
P: 858-530-4005 / E:
Sherri Rigg, Director of Marketing Communications
P: 808-782-5180 / E:
Craig Realty Group Joins Hawaii Developers The MacNaughton Group and Kobayashi group in a Joint Venture to Develop 260,000 sq. ft. Upscale Outlet Mall and Entertainment Center at Kapolei Commons
Kapolei, HI – Upscale Outlet Center Developer, Craig Realty Group, is coming to Kapolei on West Oahu to join MK Kapolei Commons, LLC the developer and owner of the new Kapolei Commons Shopping Center. Craig Realty Group, founded by Steven L. Craig, is one of the nation’s most successful developers, owners and operators of upscale outlet centers with over 4.3 million square feet of existing retail in 6 states. MK Kapolei is owned jointly by The MacNaughton Group and Kobayashi Group, two of Hawaii’s most respected developers. The new joint venture will expand on the existing 300,000 sq. ft. Target anchored shopping center with the additional development of approximately 260,000 square feet which will include an upscale outlet component and an entertainment/restaurant component. The outlet component will include a collection of local and national branded stores.
Upon completion, Kapolei Commons will create a regional shopping center of over 600,000 square feet providing a fun and much needed retail gathering place for West Oahu and beyond. The outlet expansion is currently in leasing and design and is expected to begin construction in early 2011 with initial store openings in late 2011 early 2012. The expansion effort is expected to create over 750 construction jobs and an additional 350 retail jobs. In total, Kapolei Commons will provide over 700 jobs in the Kapolei community.
At the ICSC National Conference & Deal Making in Las Vegas, the new partners announced their project and revealed their preliminary merchandising plan for the outlet and entertainment component of Kapolei Commons. The interest level from the tenants was exceptional, and the team is now working to consummate leases with dozens of prospects.
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“The Outlets at Kapolei Commons will be a great contribution to the second-city of Kapolei,” said Steve Craig, Managing Partner, of Craig Realty Group. “We are very excited to be teaming up with The MacNaughton Group and Kobayashi Group to develop retail in Hawaii. We look forward to creating an unmatched shopping experience for West Oahu residents and travelers.”
The new partners were introduced by a mutual colleague, Scott Kaplan, Senior Vice President of CBRE Retail Services located in Anaheim, California. Kaplan and Richard Rizika, Executive Vice President of CBRE in El Segundo, have been working to secure new opportunities for Craig Realty Group. Roger Lyons, First Vice President of CBRE in Honolulu assisted in providing local market research.
Phase I of Kapolei Commons opened to capacity crowds in March 2009 with Target, Sports Authority, Petco and OfficeMax as initial tenants. Ross Dress for Less and Price Busters / Let’s Party opened in October 2009 and are joined by a lineup of smaller tenants including Salon Bobbi & Guy, Genki Sushi, Aloha Salads, Menchie’s Frozen Yogurt, Subway, Royal Nails, World Trade Jewelry and Verizon Wireless. Construction of a series of 40,000sq. ft. free standing buildings fronting the new Kapolei Commons, has started and will be completed during 2010. These new buildings will be occupied by Bank of Hawaii, Vitamin Shop and Denny’s Restaurant.
“The first phase of Kapolei Commons has been very well received in the community, and our tenants are very pleased with the success of their stores,” stated Duncan MacNaughton, Chairman, The MacNaughton Group. “Outlets are becoming a much more mainstream shopping experience and are starting to blend the look and feel of more traditional malls with the basic outlet concept of value pricing. The addition of an outlet component to Kapolei Commons will enhance the overall shopping experience of our local customers and visitors as well. We are excited to be working with Craig Realty Group and believe their specific expertise in the outlet sector will be a value added addition in this exciting expansion of Kapolei Commons.”
About MK Kapolei, LLC
MK Kapolei, LLC, is a partnership of The MacNaughton Group and the Kobayashi Group, two of Hawaii’s most well known and respected development companies. They recently developed Kona Commons on Queen Liliuokulani Trust property on the north edge of Kailua Kona. They also previously developed and successfully sold all of the units in two luxury highrise condominiums, Hokua at 1288 Ala Moana and Capitol Place. Both companies have also successfully developed a number of well known successful projects on their own.
In 1993, The MacNaughton Group, in partnership with Dick Gushman, developed the first outlet center in Hawaii, The Waikele Premium Outlets. In 1998, they sold the center to The Chelsea Group. Coincidentally, Steve Craig, was the president of Chelsea at the time of the sale.
For more information, visit www.thekapoleicommons.com or www.tmghawaii.com.
About Craig Realty Group
Craig Realty Group is a shopping center development firm founded by Steven L. Craig and is based in Newport Beach, California. The firm specializes in upscale factory outlet centers and currently owns and operates ten centers located in Arizona, California, Colorado, Mississippi, Oregon and Texas. For more information, visit www.craigrealtygroup.com.
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