PNC Lends $96M for Hawaii Retail Portfolio Acquisition
11North Partners acquired the two grocery-anchored Maui properties for $155 million
By Andrew Coen October 13, 2026 4:06 pm
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Aloha to permanent financing.
11North Partners has landed $96 million of acquisition debt for the purchase of a two-asset grocery-anchored retail portfolio in Lahaina, Hawaii, on the island of Maui.
PNC Bank supplied the fixed-rate loan to facilitate the $155 million acquisition of the adjacent Lahaina Cannery and Lahaina Gateway properties from an affiliate of U.S. Realty Partners, according to Northmarq, which arranged the deal.
“We are deeply honored to become the stewards of the Cannery Mall and Lahaina Gateway – two important legacy commercial properties in Hawaii.
“This acquisition represents 11North Partners’ long-term commitment to serving the West Maui community and is our first entry into the Hawaii market,” Brian Harper, CEO o 11North Partners, said in a statement “For decades, these retail centers have served both locals and visitors in the region.”
Northmarq negotiated the transaction with a debt and equity team consisting of Joe Giordani, Alex Kane and Matt Radich. The sale was facilitated by Northmarq’s Los Angeles investment sales team led by Bryan Ley and Tim Kuruzar, with Hawaii Commercial Real Estate’s Jamie Brown co-brokering the deal.
“We ran a very competitive process across the lending landscape,” Giordani said in a statement. “The transaction highlights that banks continue to be highly competitive for well-structured, institutional-quality opportunities, particularly when they can pair attractive pricing with the flexibility of a customized, nonrecourse financing.”
Situated across from each other on Hawaii Route 30, the properties net 5 million customers annually and benefit from a large-scale tourism economy in West Maui, according to Northmarq.
Lahaina Cannery at 1221 Hawaii State Route 30 is more than 95 percent leased, anchored by Safeway and Longs Drugs. Other tenants include Starbucks, ABC Stores, Bank of Hawaii, First Hawaiian Bank and Jersey Mike’s.
The Lahaina Gateway property across the highway at 325 Kaewe Street is anchored by Foodland Farms, Ross Dress for Less and Ace Hardware. Other tenants include O’Reilly Auto Parts, T-Mobile, Central Pacific Bank and Maui Powerhouse Gym.
“Lahaina Cannery and Lahaina Gateway are the top grocery-anchored assets in West Maui and prove that they are the dominant assets on the island with their tremendous productivity, tenant names and services that they provide to the local community and tourists,” Ley said in a statement. “This very competitive sale further demonstrates the voracious demand for marquee grocery-anchored centers with further upside, in high barrier to entry markets with limited competition.”
PNC Bank and 11North Partners did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
