---
title: "PNC Lends $96M for Hawaii Retail Portfolio Acquisition"
url: https://burnaze.com/article/f947bfea-83fb-4ccf-b305-5c0d64775065
source: "Commercial Observer"
original_url: https://commercialobserver.com/2026/10/pnc-11north-maui-hawaii-retail-acquisition/
author: "Andrew Coen"
category: "Specialty retail"
industry: "Retail"
segment: "Specialty retail"
topics: ["Finance & M&A"]
published: 2026-10-13T20:06:45.000Z
modified: 2026-10-31T13:18:58.309Z
image: https://commercialobserver.com/wp-content/uploads/sites/3/2026/10/Joe-Giordani-Lahaina-Cannery-HI-credit-Northmarq.jpg?quality=80&resize=1200%2C630&strip=
---

# PNC Lends $96M for Hawaii Retail Portfolio Acquisition

**TL;DR:** 11North Partners has acquired a two-asset grocery-anchored retail portfolio in Lahaina, Hawaii, for $155 million, with PNC Bank providing a $96 million fixed-rate loan. The portfolio includes the Lahaina Cannery and Lahaina Gateway properties, which were sold by an affiliate of U.S. Realty Partners.

*By Andrew Coen, originally published in Commercial Observer on 2026-10-13. [Read the original](https://commercialobserver.com/2026/10/pnc-11north-maui-hawaii-retail-acquisition/).*

## Story

**11North Partners** has landed $96 million of acquisition debt for the purchase of a two-asset grocery-anchored retail portfolio in Lahaina, Hawaii, on the island of Maui.

**PNC Bank** supplied the fixed-rate loan to facilitate the $155 million acquisition of the adjacent **Lahaina Cannery** and **Lahaina Gateway** properties from an affiliate of **U.S. Realty Partners**, according to **Northmarq**, which arranged the deal.

“We are deeply honored to become the stewards of the Cannery Mall and Lahaina Gateway – two important legacy commercial properties in Hawaii.

“This acquisition represents 11North Partners’ long-term commitment to serving the West Maui community and is our first entry into the Hawaii market,” **Brian Harper**, CEO o 11North Partners, said in a statement “For decades, these retail centers have served both locals and visitors in the region.”

Northmarq negotiated the transaction with a debt and equity team consisting of **Joe Giordani**, **Alex Kane** and **Matt Radich**. The sale was facilitated by Northmarq’s Los Angeles investment sales team led by **Bryan Ley** and **Tim Kuruzar**, with **Hawaii Commercial Real Estate**’s **Jamie Brown** co-brokering the deal.

“We ran a very competitive process across the lending landscape,” Giordani said in a statement. “The transaction highlights that banks continue to be highly competitive for well-structured, institutional-quality opportunities, particularly when they can pair attractive pricing with the flexibility of a customized, nonrecourse financing.”

Situated across from each other on Hawaii Route 30, the properties net 5 million customers annually and benefit from a large-scale tourism economy in West Maui, according to Northmarq.

Lahaina Cannery at **1221 Hawaii State Route 30** is more than 95 percent leased, anchored by **Safeway** and **Longs Drugs**. Other tenants include **Starbucks**, **ABC Stores**, **Bank of Hawaii**, **First Hawaiian Bank** and **Jersey Mike’s**.

The **Lahaina Gateway** property across the highway at **325 Kaewe Street** is anchored by **Foodland Farms**, **Ross Dress for Less** and **Ace Hardware**. Other tenants include **O’Reilly Auto Parts**, **T-Mobile**, **Central Pacific Bank** and **Maui Powerhouse Gym**.

“Lahaina Cannery and Lahaina Gateway are the top grocery-anchored assets in West Maui and prove that they are the dominant assets on the island with their tremendous productivity, tenant names and services that they provide to the local community and tourists,” Ley said in a statement. “This very competitive sale further demonstrates the voracious demand for marquee grocery-anchored centers with further upside, in high barrier to entry markets with limited competition.”

## Entities

- Retail (sector)
- Commercial Observer (publication)
- commercial real estate (topic)
- Andrew Coen (person)
- hawaii market (topic)
- Joseph Giordano (person)
- PNC Bank (company)
- acquisition debt (topic)
- 11North Partners (company)
- Northmarq (company)
- Brian Harper (person)
- retail portfolio acquisition (topic)

---
Originally reported by Andrew Coen, Commercial Observer (https://commercialobserver.com/2026/10/pnc-11north-maui-hawaii-retail-acquisition/). Summarized by Burnaze (https://burnaze.com/article/f947bfea-83fb-4ccf-b305-5c0d64775065).