Called the Hawaiian Collection, the portfolio consists of resortretail centers, Safeway grocery-anchored centers and oneprofessional office center at locations including Oahu, Maui, Kauaiand Hawaii's Big Island. More than 80% of the space in theportfolio is occupied by national credit tenants including Safeway,Roy's Restaurant, Longs Drugs, ABC Stores, Starbucks, Denny's,Subway, Cold Stone Creamery and Verizon.

According to Richard Walter, president of Faris Lee, the threeSafeway-anchored centers are "some of the most successfulgrocery-anchored centers in the nation" with annual sales averagingmore than $800 per-sf. Besides Walter, the marketing team for theproperties includes Donald MacLellan, managing director of FarisLee, along with Wendell Brooks III, senior vice president with CBRichard Ellis in Honolulu.

Walter notes that the portfolio offering "gives an investor anextremely rare opportunity to immediately become one of the largestretail owners in Hawaii." He points out that Hawaii is one of themost expensive markets for new development because of the limitedavailability of construction materials, combined with the highcosts of land and construction. No asking price was listed for theportfolio, but Walter says the asking figure is "below replacementcost," which would be about $500 million for the portfolio.According to Brooks, the portfolio holds substantial upsidepotential because current rents are well below market.