News Releases

Tuesday, April 26, 2005

PARKER RANCH CENTER SEEKS BUYER

Parker Ranch Foundation Trust has entered into an agreement with the highly-regarded real estate investment bank Eastdil, a wholly-owned subsidiary of Wells Fargo Bank, to prepare a marketing plan and valuation analysis for potential sale of the newly expanded and renovated Parker Ranch Center in Waimea.

“Market analysts have advised us that it is an opportune time to harvest the Center’s value,” said Parker Ranch President and CEO, Chris Kanazawa. “Given the demand for real estate investments and the favorable interest rate environment, a great deal of interest in the property is anticipated. Further, based on consultation with our financial advisors, the proceeds from the Parker Ranch Center can provide a stable cash flow and investment income with more predictable returns.

Since being established in 1967, Eastdil has maintained its focus and long-term commitment to assisting clients in the recapitalization of investment grade real estate properties. Since January 1998, Eastdil has completed over 500 transactions in excess of $81.7 billion.

The company has a long history in Hawaii having been involved in projects on each of the four major islands. Recent transactions have included the Fairmont Orchid at Mauna Lani and the Waikoloa Beach Marriott both here on the Big Island and the Wailea Marriott and Queen Kaahumanu Center on Maui. On Kauai the Kukui Grove Shopping Center and Kukui Market Place are projects currently in progress. Eastdil’s most recent Oahu assignments have included the Waikele Center, Moanalua Hillside Apartments and the Harbor Court office building.

The new Parker Ranch Center opened with its first retail tenants in the fall of 2002. The Center provides the Waimea community and greater northwest region of Hawaii’s Big Island with in-demand shopping and dining options and offers 121,000 square feet of space for retail and service providers. The Parker Ranch Center sports Western-motif architecture expressing Waimea’s paniolo heritage.

The Center’s anchor tenants include Foodland Super Market, Bank of Hawaii, First Hawaiian Bank, Kaiser Permanente and the Parker Ranch Store, which opened in its new location within the Parker Ranch Center in November 2002. Shop tenants include an assortment of both national and local retailers that offer dining, apparel, services and durable goods. Also located at the Center are the Parker Ranch Visitor Center & Museum and the Nature Conservancy.

Inclusive in the sale would be the KM Seed and Campbell buildings along with the Shopping Center itself. Kahilu Theatre would not be included in any sale that may take place.

Parker Ranch is owned by the Parker Ranch Foundation Trust for the benefit of four local charities: North Hawaii community Hospital, Parker School Trust Corporation, Hawaii Preparatory Academy, and the Richard Smart Fund administered by the Hawaii Community Foundation.

Parker Ranch is one of the largest and most historic cattle ranches in the United States, spanning approximately 175,000 acres across the Big Island of Hawaii. It surrounds the town of Waimea and spreads between the Kohala and Mauna Kea mountains.

For more information call 808-885-7311.

Real estate inquiries should be directed to Eastdil’s Los Angeles office, (310) 526-2450 or http://www.eastdil.com.