Robertson Acquires 14-Acre Project Site

Robertson acquired the former drive-in theater property in Aiea from the Kamehameha Schools Trust. In exchange, the trust receives payment in an undisclosed amount and ownership of the Varsity Theatre site, located near the University of Hawaii campus.

In the coming months Robertson Properties Group will begin creating a masterplan for the Aiea site, according to John Manavian, vice president of development for Robertson Properties Group. The L.A.-based company will meet extensively with the city and the community before evaluating a variety of possible uses including retail, restaurants, office and other development concepts, Manavian says.

Oahu is one of Robertson's core target markets, where the company is developing and acquiring land, Manavian says. He calls Oahu "a challenging market," but adds, "We are well-positioned to move quickly and pursue opportunities where we can bring new uses to older properties and reposition them."

The acquisition by the Kamehameha Schools Trust of the site at 1106 University Ave. also includes the adjacent Varsity Office Building. Jeff Koblentz, CFO and Mark Weinstock, vice president and senior counsel of Robertson Properties Group, structured the transaction on behalf of RPG.

Robertson is part of the Decurion portfolio of affiliated companies that includes Pacific Theatres, owner of Consolidated Theatres and the Varsity Theatre. The company recently completed the Center of Waikiki, a 30,000-sf specialty retail project on Kalakaua. It is also advancing development plans for Pearl City Gateway, a 160,000-sf community retail center on 14-acres in Manana, which is scheduled to start construction in Spring 2008.