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Clark Commercial Group Announces Lease-Up of Coconut Grove Marketplace

  |  Clark Commercial Group, Press Releases

Kailua-Kona, October 12, 2009:

Clark Commercial Group, a division of Clark Realty Corporation, announced today that it has signed leases or is in negotiation for leases on all commercial space at Coconut Grove Marketplace, a multi-building retail center on Alii Drive in downtown Kailua-Kona.

“Out of 48,000 plus square feet,” said Greg Ogin, president of Clark Commercial Group, “there’s only one small office space still unclaimed. That gets us to 98% occupancy. Given the economic climate, we’re very pleased.”

Just over a year ago, Coconut Grove Marketplace stood 60% vacant. Hard Rock Cafe and Sunglass Hut had moved out along with other retail tenants, leaving the facility with major economic problems. Soon, the property went into receivership, a victim of the sluggish economy.

Clark Commercial Group took over the leasing operation in June, 2008, and quickly began to turn the property around. Its efforts paid off when Humpy’s Great Alaskan Alehouse, based in Anchorage, leased the 6,000 square foot space vacated by Hard Rock Café. The Coconut Marketplace venue will be its first location in Hawaii. Humpy’s has been credited with the revival of downtown Anchorage since its opening over 15 years ago. In 2009, it was again voted Anchorage’s favorite bar by readers of the local newspaper.

“Humpy’s is a place tailor-made for beer lovers, by beer lovers” said Jeff Foster, Humpy’s Director of Operations in Kona. “We believe in good food, good company and, of course, good beer, all at a great price. Since our specialty is seafood, beer and live music, Kona’s a natural.”

The restaurant is scheduled to open by the end of 2009.

In addition to Humpy’s, other new tenants include Tropical Frozen Yogurts, Big Island Running Company, Creations by Claudia, Sakura’s Specialties, The Look, Colors of Paradise Gallery and Clint Sloan Gallery.

For more information, contact:
Penny Pagliaro, VP, Director of Marketing
Marketing Division
Clark Realty Corporation
Phone: 808.887.2900

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