News Releases

Thursday, December 22, 2005

PARKER RANCH CENTER SOLD

SALE SERVES LONG TERM NEEDS OF BENEFICIARIES

Parker Ranch Center, LLC has sold Parker Ranch Center, its regional shopping center on the Big Island, to an affiliate of Chicago-based M & J Wilkow, Ltd. The transaction closed on December 22, 2005. No terms of the transaction have been disclosed.

“M & J Wilkow has a highly successful national track record that spans more than six decades. They bring an exciting cache of retail resources to the Big Island. Under their ownership, Parker Ranch Center will continue to grow and serve the Waimea community,” said Parker Ranch President and CEO, Chris Kanazawa. “The proceeds from the sale of Parker Ranch Center significantly adds to the Trust’s investment portfolio and enhances the Trust’s ability to provide meaningful financial support for the Parker Ranch Foundation Trust Beneficiaries.”

The sale is part of an overall diversification strategy of the Parker Ranch Foundation Trust. The Trust’s mandate is to maintain and enhance the quality of life in the Waimea area by providing perpetual support for its designated Beneficiaries: North Hawaii Community Hospital, Parker School Trust Corporation, Hawaii Preparatory Academy, and the Richard Smart Fund administered by the Hawaii Community Foundation.

M & J Wilkow, Ltd., and its affiliated companies, have been involved in the business of managing, selling, leasing and investing in real estate since 1939. M & J Wilkow now provides services to over twenty-five properties in the United States with an aggregate portfolio value of approximately $800 million. They employ more than 100 people in offices located in Chicago, San Francisco, Walnut Creek, Atlanta, Minneapolis, Syracuse and Louisville. This is the first Hawaii acquisition for M & J Wilkow. “We appreciate being selected as the new owners and entrusted to protect the historical significance of the Parker Ranch Center,” said David Harvey, partner of M&J Wilkow. “Our Company understands the importance of maintaining the value of Parker Ranch Center to both the Waimea Community and tourism alike.”

The Center provides the Waimea community and greater northwest region of Hawaii’s Big Island with in-demand shopping and dining options and offers 132,000 square feet of prime space for retail and service providers. The Parker Ranch Center sports Western-motif architecture expressing Waimea’s paniolo (cowboy) heritage.

The Center’s anchor tenants include Foodland Super Market, First Hawaiian Bank, Bank of Hawaii, Kaiser Permanente, Starbucks Coffee, Blockbuster Video and the Parker Ranch Store. 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.

Real estate investment bank Eastdil, a wholly owned subsidiary of Wells Fargo Bank, represented Parker Ranch, LLC in the sale.

Parker Ranch with its 158+ year paniolo history 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. In a rapidly changing economic environment, the ranch continues as a model for sustainability and environmental stewardship.