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Avalon Group in the news
AVALON GROUP in the Media

April 19, 2005
Avalon acquires Mariner's Alley

A group of investors led by the Avalon Development Group has bought Mariner's Alley in Lahaina for $16.4 million.

The 14,450-square-foot property at 844 Front Street houses Moose McGillycuddy's Pub and Cafe, Lassen's Art Gallery and Higgins Hart International Art Galleries.

The acquisition also includes a 9,799-square-foot vacant parking lot on Lahainaluna Road. The lot is zoned B-2 with water and power lines and Avalon is looking at developing the property, said Christine Camp Friedman, managing director of Avalon Development Company LLC.

"This acquisition met our criteria for implementing our investment strategy of securing properties generating higher than market cap rates, with upsides for development," Camp Friedman said. "We plan to hold onto the shopping center for the longterm as it is generating a significantly enhanced, positive leveraged return."

Pacific Business News (Honolulu) - April 19, 2005
http://pacific.bizjournals.com/pacific/stories/2005/04/18/daily17.html

 


© 2005 American City Business Journals Inc.

 

 

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