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Posted: Wednesday, September 12th, 2012 8:55 AM HST

Wainaku Executive Center sold for $7.7 million

By Ken Hupp - 67AM KPUA News

One of Hawai`i’s prime oceanfront properties has been acquired for the cool sum of $7.7 million. Edmund C. Olson, a major Ka`u landowner and chairman of the seventh largest self-storage company in the country acquired the Wainaku Executive Center on Monday from the estate of the late C. Brewer and Company CEO John W.A. “Doc Buyers. The 81-year old Olson plans to use the grounds of the 12-acre property as a destination location for weddings, business meetings and local events, while the 12,000 square-foot two-story building will undergo renovations and be used to house a high end restaurant, coffee shop and art gallery. Olson eventually wants to convert the property into a convention center and build a “small boutique hotel” with 12 to 18 rooms.