08/29/2026
Something interesting is happening in Kohala Coast commercial real estate.
In March, Alexander & Baldwin’s $2.3 billion acquisition closed, bringing a major Hawaiʻi commercial portfolio — including Queens’ Marketplace in Waikōloa Beach Resort — under new ownership.
Then this summer, The Shops at Mauna Lani changed hands in a separate transaction, with BH Properties acquiring the center for approximately $26 million.
Different investors. Different portfolios. Different strategies.
But there’s an interesting common thread worth watching: existing commercial real estate in supply-constrained Hawaiʻi communities, with grocery and necessity-driven traffic at its core.
Foodland Farms anchors The Shops at Mauna Lani. Queens’ Marketplace serves a similar everyday function for Waikōloa Beach Resort and the surrounding Kohala Coast. These aren’t simply places tourists shop. They provide groceries, restaurants, services and gathering places that residents, employees, second homeowners and visitors return to again and again.
That matters because commercial investment doesn’t happen in isolation.
When we talk about residential real estate on the Kohala Coast, we naturally focus on the home — views, architecture, amenities, golf, beach access and inventory. But part of a community’s long-term desirability is also determined by what exists around the home.
Where can you buy groceries? Have dinner? Meet someone for coffee? Access services? And perhaps most importantly in a land-constrained market: how difficult would that commercial infrastructure be to recreate somewhere else?
Two transactions don’t make a trend, and I wouldn’t suggest grocery anchors alone drove either acquisition. But together, they offer an interesting glimpse into what sophisticated investors may value about Hawaiʻi commercial real estate.
And for residential owners and investors, that’s worth paying attention to.
Investing on Hawaiʻi Island? Let’s talk about the opportunities—and what’s happening around them.
Jacqueline Mylroie, MPPM
Realtor, Hawai’i Luxury Real Estate