Watumull Properties buys family-owned Pāhoa Village Center for $4.39 million

Watumull Properties Corporation of Honolulu acquired the 101,000-square-foot Pāhoa Village Center at 15-2880 Pāhoa Village Road in October for $4.39 million, a purchase that preserves a long-standing neighborhood shopping center serving Puna. The sale transfers ownership from the Bellman family, which had owned and expanded the center since at least 1984.

The transaction closed with Watumull Properties representing itself; the Bellman family was represented by Michael F. Krystoff, real estate advisor with Cushman & Wakefield ChaneyBrooks. At roughly $43.50 per square foot, the price reflects value for a neighborhood retail asset in a growing district outside Hilo, and it keeps an existing roster of community services and small businesses in place.

Tenants at Pāhoa Village Center include Black Rock Café, Synergy Hair Salon, Suds & Duds Laundromat, Hawaiian Academy of Arts and Science, Kinesis Physcial Therapy, Sate of Hawai‘i Puna Mental Health, Hawai‘i Island Community Health Center and Lokahi Treatment Center. The Bellman family, identified as the former owner, also owns the laundromat on site and will continue as a long-term tenant, according to the buyer.

Buyer statements and plans emphasize continuity. JD Watumull, president of Watumull Properties Corp., said, “Puna is a good area and one of the fastest growing in the state.” Watumull also said his company plans to renovate one of the office spaces and will maintain the property, describing the center as “well-maintained.” Those remarks signal modest capital improvements rather than immediate redevelopment, which matters to existing small businesses that rely on stable, walkable retail space.

Broker Michael F. Krystoff framed the sale as stewardship of a community asset, saying, “Pāhoa Village Center has been a gathering place and a cornerstone commercial asset for the Puna community for decades. This transaction reflects the legacy of long-term stewardship and the continued confidence in neighborhood centers that serve people’s everyday lives. It speaks to the enduring role these places play in supporting local communities and the businesses that call them home.”

Local officials are watching how new ownership approaches tenant priorities and rents. Hawai‘i County Council Member Ashley Kierkiewicz said, “They are a big land owner on the Big Island. I’m just hoping they’re able to prioritize local businesses and entrepreneurs to have a brick and mortar.” That concern highlights the balance between outside capital and local economic resilience as Puna grows.

The Pāhoa sale comes amid larger signals of investor appetite for Hawai‘i commercial real estate. In a separate transaction, Alexander & Baldwin agreed to become private in a deal valuing the company at roughly $2.3 billion, with its buyer group planning to invest more than $100 million across that portfolio. Those larger-market moves underscore a trend: local assets are drawing outside capital while investors pledge longer-term stewardship.

For Puna residents, the immediate impact is stability: familiar shops and health services remain in place, and Watumull’s planned, limited renovations suggest incremental upgrades rather than wholesale change. Watch for announcements on the office renovation timetable, any lease discussions with tenants, and whether Watumull follows through on prioritizing local entrepreneurs when space becomes available.