The East Honolulu neighborhood shopping complex Niu Valley Center is now a commercial condominium with individually owned spaces and shared common areas including parking under a deal completed Friday.

The arrangement splits ownership of what used to be a traditional retail center anchored by Times Super Market into more than a dozen pieces that will continue to function as a commercial complex but with shared ownership among tenants and investors.

Local developer Peter Savio arranged the deal in which he bought much of the property from King’s Cathedral &Chapels for $18.5 million and is reselling his portion as 14 individual condos for commercial use.

The church declined to sell the space it uses, which was previously occupied by Times, or an adjacent space leased to 7-Eleven. However, Savio said he retains the first opportunity to buy these two pieces in the future should the church decide to sell.

Savio said he has so far resold 10 of the 14 spaces that he acquired.

The four spaces still available are leased to Jack in the Box, Le Bistro, Lung Fung Chinese Restaurant and an office tenant. Prices for these units range from about $1.2 million to $4.7 million.

Savio considered the response from tenants strong, though he said some viewed the price for the space they use as high because it includes shared ownership of all the parking and other common areas.

“It’s a shopping center, and it has a lot of parking,” he said.

Savio, who worked with local commercial real estate broker Joe Leonardo on his purchase from the church, announced his plan to buy the property last year.

Niu Valley Center was built in 1968 and was long owned by the Hawaii Electricians Pension Trust Fund. In 2002 Times closed, and was replaced by King’s Cathedral a year later. In 2004 the Maui-based church exercised an option to buy the entire 5-acre center from the pension fund for $14 million.

At the time, some community members complained about the change and feared that the church would ease out other businesses so it could expand. One tenant, a KFC franchisee, sought to break its lease in 2005 by filing a lawsuit that claimed church plans for opening an infant nursery, a preschool, youth classrooms and a bookstore specializing in religion would make the property primarily a religious facility. Jack in the Box ended up replacing the KFC restaurant.