11North Partners Secures $96 Million PNC Loan for Maui Retail Portfolio Acquisition

11North Partners has completed the acquisition of a two-asset, grocery-anchored retail portfolio in Lahaina, Hawaii, on the island of Maui. The firm secured $96 million in fixed-rate acquisition financing from PNC Bank to facilitate the $155 million purchase of the Lahaina Cannery and Lahaina Gateway properties. The portfolio was acquired from an affiliate of U.S. Realty Partners.

Northmarq arranged the deal, with a debt and equity team including Joe Giordani, Alex Kane, and Matt Radich, and an investment sales team led by Bryan Ley and Tim Kuruzar. Hawaii Commercial Real Estate’s Jamie Brown co-brokered the sale. Brian Harper, CEO of 11North Partners, stated that this acquisition represents the company's long-term commitment to serving the West Maui community and is their first venture into the Hawaii market.

The Lahaina Cannery, located at 1221 Hawaii State Route 30, is over 95 percent leased and anchored by Safeway and Longs Drugs. The Lahaina Gateway, situated across the highway at 325 Kaewe Street, features Foodland Farms, Ross Dress for Less, and Ace Hardware as anchors. Both properties are significant retail centers for both residents and tourists in West Maui. This transaction underscores continued lender interest in well-structured, institutional-quality retail opportunities in high-barrier-to-entry markets.