X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MAUI-The largest retail and entertainment center on Maui is trading hands. Maui Land & Pineapple Company Inc., the publicly traded general partner in the limited partnership that owns Queen Kaahumanu Center, said last week an agreement to sell the 570,000-sf development “is expected to be signed shortly.”

A source at Maui Land & Pineapple could not be reached for further comment on Tuesday on who the prospective buyer is, whether the agreement has been signed and for what price the asset would be sold. The company’s Acting President and CEO Don Young said in a written statement that, subject to typical due diligence, the sale will close by the end of July 2003.

Young, most recently the company’s executive vice president of resort and commercial property and president and CEO of Kapalua Land Co. Ltd., was assigned to the post following the May 27 retirement of Gary Gifford. Spencer Stuart, a prominent national executive search firm, is conducting a search for Gary L. Gifford’s replacement. The selected executive is expected to be in place by mid-summer 2003.

In early May, Maui Land & Pineapple Company reported a first quarter net loss of $626,000 or $.09 per share compared to net income of $776,000 or $.11 per share for the first quarter of 2002. The company’s share price on Tuesday stood at $18.54 in early afternoon trading, unchanged on the day but off $3 from April 15, 2003, when share traded at a 52-week high of $21.52.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.