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CHICAGO-Already leasing and managing Kings' Shops at Waikoloa Beach Resort, General Growth Properties Inc. is in line to add a neighboring retail center to its Hawaiian management portfolio. Construction has begun on the $95-million Queens' MarketPlace & Cultural Gardens in the Waikoloa Beach Resort in Hawaii, with an opening of the 135,000-sf center expected early next year.

A joint venture between Hawaii-based Waikoloa Development Co. and San Francisco-based CoastWood Capital Group, LLC is developing the center, which will be anchored by a 23,000-sf Gourmet Food & Wine Market. Sales at Kings' Shops, where the tenant roster includes Louis Vuitton and Macy's, average $1,000 per sf. The centers are near the 1,241-room Hilton Waikoloa Village and the 545-room Waikoloa Beach Marriott.

Back on the mainline, General Growth Properties has picked up 1.5 million sf in leasing and management contracts at two centers. The focus at the one-million-sf SouthBay Pavilion in Carson, CA is on renovation, with a 24-Hour Fitness scheduled to open this year following an October debut of a 146,000-sf Target. Also, expansion is in the works at Transwestern Investment Co.'s recently-acquired Stones River Mall in Murfreesboro, TN, a property managed by the second-largest retail REIT since 1994. New space in a "lifestyle" setting is being added along with two additional anchors.

Instant Insights /

General Growth Increases Management Portfolio

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