50 Years of MacNaughton: Honoring a Legacy of Vision, Leadership & Community

From a single vision in 1975 to 50 years of impact across Hawai‘i and beyond, MacNaughton’s journey has been shaped by the leadership of Duncan MacNaughton, Jeff Arce, and Eric Tema.

What began with Duncan’s bold entry into Hawai‘i’s real estate market has grown into a company recognized for its thoughtful developments, strong partnerships, and community contributions. Along the way, Duncan was joined by Jeff Arce, whose financial expertise strengthened the firm’s investments, and Eric, whose leasing and retail strategy helped introduce and place some of the nation’s most recognized brands to Hawai‘i.

Together, these three leaders built the foundation for what MacNaughton has become today: a diversified real estate company with an enduring legacy and an exciting future.

After years of individual philanthropy in our community, Duncan also created the MacNaughton Foundation in 2016 to provide a system for continued community support now and into the future.

Here, we’re proud to share more about the individuals whose vision and dedication continue to shape MacNaughton’s story.

Duncan MacNaughton began his career in Hawai‘i real estate in the 1970s, partnering with Dick Gushman to co-develop Waikele Shopping Center, the state’s first power center and factory outlet. Since 1975, he has introduced major national retailers to Hawai‘i, oftentimes developing shopping centers around them filled with other complementary tenants, led landmark residential projects such as 1010 Wilder and Ainamalu in the 1970s, and more recently Hokua, Capitol Place, ONE Ala Moana and Park Lane Ala Moana. In the last several years, with Duncan now serving as Chairman, MacNaughton has expanded further into hospitality with the acquisition and management of three fee simple Waikiki hotels, and to the U.S. continent with multi-family acquisitions and development projects. Duncan’s contributions have shaped Hawai‘i’s retail, residential, and hospitality landscape for nearly five decades.

Jeff Arce began his career in public accounting with Arthur Andersen, later meeting Duncan MacNaughton through accounting work with Blockbuster Video. He joined The MacNaughton Group in 1989 and oversaw financing, acquisitions, and sales across the firm’s real estate and retail ventures, while also serving in advisory roles for operations including Jamba Juice, PF Chang’s, and Price Busters. For the last several years, Jeff has served in an advisory capacity for MacNaughton.

Eric Tema began his career as a leasing broker at CB Commercial Hawai‘i, where he worked on Waikele Center and first met Duncan MacNaughton. He joined The MacNaughton Group in 1993 and led the entry, expansion, and real estate strategy for retailers such as Starbucks, Jamba Juice, PF Chang’s, Pier 1, OfficeMax, and Whole Foods, while guiding leasing and primarily retail development across MacNaughton’s statewide portfolio. Like Jeff, Eric has continued to work with MacNaughton in an advisory capacity for the last several years.

Mahalo to Duncan, our Founder and Chairman, and to Jeff Arce and Eric Team for creating an incredible legacy and foundation for our future business.

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