After a rocky stretch for one of the Kohala Coast’s main retail hubs, Los Angeles-based BH Properties has stepped in as the new owner of The Shops at Mauna Lani, the open-air retail village at the entrance to the Mauna Lani resort in Kamuela on Hawaii Island. Anchored by Foodland Farms and a Tommy Bahama Restaurant & Bar, the center caters to resort guests and nearby Kohala Coast residents, and the deal marks BH Properties’ first move into Hawaii’s retail market after a period of uncertainty at the complex.
New owner lays out a plan
The acquisition was first reported by CoStar, and BH Properties has already tapped CBRE to spearhead leasing and repositioning efforts. According to CBRE, the new ownership is planning capital improvements, refreshed landscaping and a curated tenant lineup focused on chef-driven restaurants, lifestyle retail and boutique fitness concepts. Jim Brooks, president of BH Properties, said in the CBRE release that “The Shops at Mauna Lani checked all the boxes.”
Sale followed owner’s legal troubles
The center had been operating under a court-appointed receiver after its prior owner, Jonathan Moynahan Larmore, was indicted and later sentenced in connection with a scheme to manipulate WeWork stock, according to the U.S. Attorney's Office. Market reporting indicates the ground lease and the fee-simple interest traded in separate deals for a combined $26 million, as noted in a ConnectCRE roundup that cited Pacific Business News. Lenders and the receiver worked to stabilize the property’s operations before BH Properties took control.
What’s in the center
The Shops at Mauna Lani, located at 68-1330 Mauna Lani Drive in Kamuela, lists Foodland Farms, Tommy Bahama and a collection of local boutiques on its tenant directory, according to the center’s website. The leasing page also notes that SVN is handling leasing outreach and that the plaza primarily serves several nearby resorts and luxury homes along the Kohala Coast. Current listings highlight restaurant-ready shells and inline retail spaces marketed to both visitors and full-time residents.
What comes next
BH Properties is a Los Angeles-based investor active across the western United States, according to the company’s public profile on LinkedIn. Its history of buying underperforming retail and repositioning those assets suggests the new owner may roll out phased capital improvements alongside a leasing push tailored to Mauna Lani’s steady resort traffic. CBRE’s early role points to an immediate focus on filling vacancies, while BH Properties evaluates longer-term upgrades for the center.
