July 15, 2003
Contributed by Kekoa Paulsen
The buyer is Sanderson J. Ray-Desert Springs Partners, LLP, an Irvine-based commercial real estate owner and developer in Southern California. The transaction closed on June 24, 2003; Grubb & Ellis represented KS in the transaction. Desert Springs Marketplace is a 110,122-square-feet retail center situated on 12.39 acres of land with an adjacent 12.97-acre vacant development parcel. The property is anchored by Ralphs Grocery, Rite Aid and Morton's of Chicago, and is located directly across from the Marriott Desert Springs Resort & Spa. The sale is part of Kamehameha Schools' ongoing strategic initiative to re-balance its overall portfolio, which includes reallocating real estate holdings to other asset classes. "The proceeds from the sale of these assets will be realigned to a more traditional portfolio allocation, allowing us to expand the earning potential from Princess Pauahi's endowment," said Susan Todani, Director of the Mainland Real Estate Investment Division at Kamehameha Schools. "These successful investments will help our strategic plan, which focuses on efforts to launch new facilities and programs that expand Kamehameha's educational reach to more Hawaiians." Kamehameha Schools is a private, charitable educational trust with assets of $5.4 billion, which was founded by the Estate of Princess Bernice Pauahi Bishop. The Trust operates preschools, K-12 campuses and other educational programs throughout Hawai'i and provides post-secondary scholarships to students of Hawaiian ancestry.
Kamehameha Schools’ policy is to give preference to applicants of Hawaiian ancestry to the extent permitted by law.
