Business Monday: Big Island real estate company purchases Lili‘uokalani Trust industrial property in Kona

A Big Island real estate investment company has purchased a 54-property industrial land portfolio in Kailua-Kona from Liliʻuokalani Trust for an undisclosed price.

The property, located between Kuakini and Queen Ka‘ahumau Highways in and around Kona Industrial Park, was purchased by Ula Kapa Moe, owned by Hilo native Duane Kurisu and his son Robert. According to a joint press release from the Trust and Ula Kapa Moe, the new owners don’t plan to redevelop the property.

They are committed to maintaining it as a “vital mixed-use industrial hub for Kona.”

“Our goal is to support local businesses, provide them with more certainty as they plan for the future, and create an environment that allows them to thrive,” Duane Kurisu said. “We believe this will strengthen our local economy and pave the way for future generations in Kona and on Hawaiʻi island.”

Ellise Morimoto, spokesperson for the Liliʻuokalani Trust, said the real estate company shares the foundation’s commitment to supporting the local community.

“We are confident that they will responsibly steward this land for the benefit of the community,” Morimoto said.

Ula Kapa Moe plans to offer various existing land leaseholders the ability to purchase the properties they currently lease, according to officials with the real estate company. This will provide businesses with the opportunity to reinvest in their operations, people, properties and the local economy.

Over the past several months, officials say Ula Kapa Moe has engaged with leaseholders to gather feedback and ensure a smooth transition.

The Lili‘uokalani Trust began exploring options for bulk selling these parcels in 2022. The sale of the property is part of a longer-term strategic asset plan as the Trust opens more program spaces across Hawaiʻi, officials with the foundation stated.

Last year, the Trust opened nearly 30,000 square feet of new or renovated program spaces.

The foundation expects to open nearly 100,000 square feet next year in the form of the Liliʻuokalani Center, located in Honolulu.

A new program the Trust has created is LT Ranch in Waimea, which offers camps for youth by providing nature-based programs and activities that promote meaningful connections within an experiential ranch setting.

Founded in 1909, the Trust is named after the Hawaiian Kingdom’s last reigning monarch, Queen Lili‘uokalani, who was overthrown by the United States in 1893. The foundation was created to help orphan and destitute children through a variety of services and collaborations with community partners.

The Trust gives preference to Native Hawaiian keiki.