MetLife JV Obtains $120M for Hawaii Shopping Center

The Partners have owned the property since 2014.

MetLife Investment Management and M&J Wilkow have obtained $120 million to refinance Town Center of Mililani, a 476,615-square-foot grocery-anchored shopping center in Oahu, Hawaii. PGIM Real Estate provided the fixed-rate financing through its core investment strategy.

The joint venture had purchased the asset from Nuveen Real Estate for $227.3 million back in 2014, according to Pacific Business News. The Massachusetts Mutual Life Insurance Co. provided a $120.5 million loan for the acquisition.

Completed in 1987 on some 41 acres, Town center of Mililani underwent a $13 million renovation which was completed in 2017. The retail property is at 95-1249 Mehaula Parkway, close to Highway 2.

Times Supermarket, Walmart, Consolidated Theaters, Longs Drugs, UFC Gym and Straub Family Health Center anchor the open-air shopping center. Its roster features a total of 78 tenants which also include AT&T, Bank of Hawaii, Five Guys, Great Heights, Fun Factory, Ninja Sushi, Panda Express, Pizza Hut, Starbucks, Supercuts, Taco Bell and Supercuts, among others.

With a 140-year history of real estate financing, PGIM Real Estate had $212 billion in assets under management and administration as of September 2024. In November, the firm provided a $171.4 million loan for the refinancing of the Southeast Grocery-Anchored Portfolio, a collection of eight retail properties totaling nearly 1.2 million square feet.