{"id":1004743158,"date":"2025-01-14T05:20:00","date_gmt":"2025-01-14T13:20:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004743158"},"modified":"2025-01-14T06:35:11","modified_gmt":"2025-01-14T14:35:11","slug":"metlife-jv-lands-120m-for-hawaii-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/metlife-jv-lands-120m-for-hawaii-shopping-center\/","title":{"rendered":"MetLife JV Obtains $120M for Hawaii Shopping Center"},"content":{"rendered":"\n

MetLife Investment Management\u00a0and\u00a0M&J Wilkow\u00a0<\/a>have obtained $120 million to refinance Town Center of\u00a0Mililani, a 476,615-square-foot grocery-anchored shopping center in Oahu, Hawaii. PGIM Real Estate provided the fixed-rate financing through its core investment strategy.<\/p>\n\n\n

\n
\"aerial<\/a>
MetLife Investment Management has recently sold The Shoppes at English Village, a 103,325-square-foot retail center in North Wales, Pa. Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n

The joint venture had purchased the asset from Nuveen Real Estate for $227.3 million back in 2014, according to Pacific Business News<\/em>. The Massachusetts Mutual Life Insurance Co. provided a $120.5 million loan for the acquisition.<\/p>\n\n\n\n

Completed in 1987 on some 41 acres, Town Center of Mililani underwent a $13 million renovation which was completed in 2017. The retail property is at 95-1249 Meheula Parkway, close to Highway 2.<\/p>\n\n\n\n

Times Supermarket, Walmart, Consolidated Theaters, Longs Drugs, UFC Gym and Straub Family Health Center anchor the open-air shopping center. Its roster features a total of 78 tenants which also include AT&T, Bank of Hawaii, Five Guys, Great Heights, Fun Factory, Ninja Sushi, Panda Express, Pizza Hut, Starbucks, Supercuts, Taco Bell and Supercuts, among others.<\/p>\n\n\n\n

\n\n\n\n

READ ALSO:<\/strong> Retail Space in Focus: What\u2019s Driving the Sector\u2019s Growth?<\/a><\/p>\n\n\n\n

\n\n\n\n

With a 140-year history of real estate financing, PGIM Real Estate had $212 billion in assets under management and administration as of September 2024. In November, the firm provided a $171.4 million loan for the refinancing of the Southeast Grocery-Anchored Portfolio, a collection of eight retail properties<\/a> totaling nearly 1.2 million square feet.<\/p>\n\n\n\n

Hawaii’s retail scene<\/h2>\n\n\n\n

Oahu\u2019s retail market has strong fundamentals due to its dense population and dynamic neighborhood areas, PGIM Managing Director Tom Goodsite said in prepared remarks. However, the state saw a significant drop in investment activity in the third quarter of 2024. <\/p>\n\n\n\n

There were no retail investment sales recorded between July and September in Hawaii, according to a CBRE report. The third quarter of last year also witnessed a notable shift in rental trends, with the overall average net asking rent decreasing to $39.66, down $8.68 from the previous quarter. Additionally, the availability rate for retail spaces increased to 4.8 percent, up by 0.3 percent over the quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"

The partners have owned the property since 2014.<\/p>\n","protected":false},"author":3014,"featured_media":1004738266,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742,21749,15],"tags":[44078,43901,34714],"class_list":["post-1004743158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-latest","category-retail","category-west","tag-metlife-investment-management","tag-nuveen-real-estate","tag-pgim-real-estate"],"acf":[],"yoast_head":"\nMetLife JV Obtains $120M for Hawaii Shopping Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"MetLife Investment Management\u00a0and\u00a0M&J Wilkow received $120 million to refinance Town Center of\u00a0Mililani in Oahu, Hawaii.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/metlife-jv-lands-120m-for-hawaii-shopping-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MetLife JV Obtains $120M for Hawaii Shopping Center\" \/>\n<meta property=\"og:description\" content=\"MetLife Investment Management\u00a0and\u00a0M&J Wilkow received $120 million to refinance Town Center of\u00a0Mililani in Oahu, Hawaii.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/metlife-jv-lands-120m-for-hawaii-shopping-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-14T13:20:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-14T14:35:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1460-Bethlehem-e1732267191615.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"4853\" \/>\n\t<meta property=\"og:image:height\" content=\"3642\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/metlife-jv-lands-120m-for-hawaii-shopping-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/metlife-jv-lands-120m-for-hawaii-shopping-center\/\",\"name\":\"MetLife JV Obtains $120M for Hawaii Shopping Center - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/metlife-jv-lands-120m-for-hawaii-shopping-center\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/metlife-jv-lands-120m-for-hawaii-shopping-center\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1460-Bethlehem-e1732267191615.jpg\",\"datePublished\":\"2025-01-14T13:20:00+00:00\",\"dateModified\":\"2025-01-14T14:35:11+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"MetLife Investment Management\u00a0and\u00a0M&J Wilkow received $120 million to refinance Town Center of\u00a0Mililani in Oahu, Hawaii.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/metlife-jv-lands-120m-for-hawaii-shopping-center\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/metlife-jv-lands-120m-for-hawaii-shopping-center\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/metlife-jv-lands-120m-for-hawaii-shopping-center\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1460-Bethlehem-e1732267191615.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/1460-Bethlehem-e1732267191615.jpg\",\"width\":4853,\"height\":3642,\"caption\":\"The Shoppes at English Village. 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