Feb 12, 2016
By Duane Shimogawa
The Queen Liliuokalani Trust has purchased two commercial condominium units at the Alakea Corporate Tower in Downtown Honolulu from Mid-Pac Petroleum for a total of about $2.25 million, an executive from the trust confirmed to PBN Friday.
The private trust was founded in 1909 to serve orphan and destitute children with preference given to Native Hawaiian children. It is consolidating some of its children’s center and administration and endowment staff under one roof.
The trust already has office space at the Alakea Corporate Tower, which is located at 1100 Alakea St.
“While not expanding per se, the trust will be using the eighth floor in addition to its current 11th floor in the building,”LeeAnn Crabbe, vice president of the trust, told PBN in an email.
The trust serves about 10,000 children each year through its services and reaches thousands more through partnerships with community groups.
It has a diversified portfolio of real estate, securities and private investments.
Last year, Mid-Pac Petroleum was sold to Houston-based Par Petroleum Corp., which owns Hawaii’s largest oil refinery, for $107 million.
Mid-Pac Petroleum, the exclusive licensee of the “76” gasoline brand in Hawaii, has 85 retail outlets and four terminals in the state.
PBN has reached out to Mid-Pac Petroleum for comment.