May 6 2014
Watt Advisors has completed a $28 million redevelopment of The Outlets of Maui, a beautiful 12-acre oceanfront retail center in the heart of the historic Lahaina resort area – one of Maui’s most active tourist destinations visited by approximately 2.2 million people each year.
The property is currently 91% leased, with more retailers expected to open their doors within the next two months. New global brand name outlet retailers include Michael Kors, Guess, Tommy Hilfiger, Calvin Klein, Coach, Izod, Lucky Brand, Brooks Brothers, Carter’s, Banana Republic, Gap, Adidas and Sketchers. The center also features several existing restaurants including Hard Rock Café and Ruth’s Chris Steak House plus well-known Hawaiian establishments including Hilo Hattie, ABC Stores and Warren & Annabelle’s.
Watt Advisors, a commercial investment arm of Santa Monica-based Watt Companies, joined with local development partners in April 2013 to convert an aging traditional shopping center into what is now Maui’s first outlet center and only the second outlet center in all of Hawaii. The renovation program included upgrades to the 10-building, 147,000 square-foot center including new storefronts, expanded walkway overhangs, outdoor seating areas, as well as significant improvements to common areas and site signage.
Based on strong interest from additional retailers, Watt and their partners will expand the existing center by an additional 50,000 square feet by the end of 2015.
“The redevelopment of The Outlets of Maui has created a great and productive use for the center while bringing new jobs and terrific new retailers to the region’s residents and visitors,” said Nadine Watt, President of Watt Companies. “Our investment combined with the new leases have enhanced the value of this already fantastic waterfront location and positioned the outlet center for success in the decades to come.”
“The acquisition, redevelopment and expansion of The Outlets of Maui fits perfectly into our investment mandate,” said Jim Maginn, Senior Managing Partner for Watt Advisors. “Watt is continuing to seek value-add opportunities across the Western United States that help fill a specific need in the local market. We have committed $100 million to invest both equity and debt in a variety of projects in the commercial and residential sectors, where we have a depth of experience.”
About Watt Companies
Watt Companies offers comprehensive and diversified real estate services across the United States to investors and partners, homebuyers and commercial customers. These services include commercial development, homebuilding, asset management, and the realization of capital investments. In its sixty year history, Watt Companies has developed homes for over 100,000 families, built over eight million square feet of industrial and professional office space, developed more than 50 shopping centers, three major first class hotels, and six major master-planned communities.
Source: Watt Companies