Two of West Maui's busiest shopping centers have new owners. 11North Partners acquired Lahaina Cannery and Lahaina Gateway for a combined $155 million from an affiliate of U.S. Realty Partners, picking up grocery-anchored properties that together draw roughly 5 million customer visits a year.
Northmarq brokered the sale and arranged $96 million in fixed-rate acquisition financing through PNC Bank, according to Commercial Observer. The deal was co-brokered by Jamie Brown of Hawaii Commercial Real Estate alongside Northmarq's Bryan Ley and Tim Kuruzar, as first detailed by citybiz. PNC Bank supplied the fixed-rate loan that financed the acquisition, the outlet reported.
Lahaina Cannery sits at 1221 HI-30 and measures 145,839 square feet, anchored by Safeway and Longs Drugs, with additional tenants including Starbucks, ABC Stores, Bank of Hawaii, First Hawaiian Bank and Jersey Mike's, per citybiz's reporting. The center was more than 95% leased at the time of sale, according to REBusinessOnline.
Two Centers, One Busy Intersection
Across the road sits Lahaina Gateway at 325 Kaewe St., reported at 136,045 square feet by the same outlet, anchored by Foodland Farms, Ross Dress for Less and Ace Hardware, with O'Reilly Auto Parts, T-Mobile, Central Pacific Bank and Maui Powerhouse Gym rounding out the tenant roster, according to citybiz. A 2022 announcement from JLL had put the property's size at approximately 135,996 square feet when U.S. Realty Partners first acquired it for $37.25 million — a discrepancy the current reporting does not resolve.
The two properties sit directly across from each other at one of West Maui's busiest commercial intersections along Honoapiilani Highway, according to citybiz's account of the deal. Northmarq's Bryan Ley called the transaction a very competitive sale that further demonstrates the voracious demand for marquee grocery-anchored centers with further upside, in high barrier to entry markets with limited competition, per Commercial Observer.
A Different Market Than 2022
The sale marks a shift from conditions four years ago. When U.S. Realty Partners first bought Lahaina Gateway in December 2022, the center was only 77% occupied, with negotiated leases expected to push occupancy up to 90%, according to JLL's announcement at the time. That earlier deal was also brokered by Ley and Northmarq colleagues, the firm noted.
The acquisition lands as Lahaina's broader commercial recovery continues to unfold under significant regulatory strain. As of February 2026, nine non-residential buildings had been completed in the town, 25 permits had been issued by Maui County, and 163 non-residential permits remained in process, according to Hawaii Public Radio. Property owners rebuilding in the area face shoreline setback rules, historic-district delineations and Special Management Area regulations that vary by location, per the same report.
Open Questions for Owners Rebuilding Nearby
Maui County has also floated a voluntary buyout program for a narrow set of Lahaina parcels affected by the absence of reinstated state land leases, with the goal of converting those properties into public open space, Hawaii Public Radio reported. As of February 2026, that buyout program had not yet opened and was expected to begin accepting public comments the following month — whether it has advanced further by now is not addressed in available reporting.
Earlier in the recovery, only four Lahaina business zones had reopened to provide goods and services and restore local jobs, even as many displaced residents still could not return to their own properties, according to the Honolulu Star-Advertiser. Against that backdrop, the sale of two centers that together serve as a retail hub for residents and visitors alike signals continued investor confidence in West Maui's rebound, even as the town's broader reconstruction remains a work in progress.
