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Hawaii

Lancaster Pollard Closes Two Refinancings Totaling $57.1M for Seniors Housing Communities in Hawaii, Arizona

HONOLULU AND GREEN VALLEY, ARIZ. — Lancaster Pollard has arranged two Fannie Mae loans totaling $57.1 million for seniors housing communities in Honolulu and the Tucson suburb of Green Valley. The first transaction was a $51.2 million loan that refinanced construction debt for The Plaza at Waikiki in Honolulu. MW Group owns the property, which was built in 2015. The community has been named Hawaii’s best senior living facility by The Honolulu Star Advertiser for three consecutive..

December 7, 2017

HFF Arranges $43.6M Sale of Grocery-Anchored Center in Hawaii

KAPAA, HAWAII — HFF has arranged the $43.6 million sale of Kauai Village, a 109,466-square-foot, grocery-anchored retail center in Kapaa, on the Hawaiian island of Kauai. Gleb Lvovich of HFF arranged the transaction on behalf of the seller, ValueRock Realty Partners. In addition, Kyle Spencer and John Chun of HFF secured $32.3 million in acquisition financing on behalf of the buyer, Epic Real Estate Partners. A life company provided the three-year, floating-rate loan. At the time of..

December 4, 2017

Sears Opens Concept Store in Honolulu

HONOLULU — Sears has opened a new store dedicated to appliances and mattresses in Honolulu. The unique retail concept focuses on two of Sears's strongest categories, appliances and mattresses. The new store builds on the success of the first Sears Appliances & Mattresses store located in Pharr, Texas, which has been open since June 2017, as well as the Sears Appliances store, which opened in Ft. Collins, Colo., in 2016. Located at Ala Moana Center, the 16,200-square-foot Sears..

November 17, 2017

Faris Lee Arranges $21.8M Sale of Retail Center in Hawaii

KAILUA-KONA, HAWAII — Faris Lee Investments has arranged the $21.8 million sale of Coconut Grove Marketplace, a 49,513-square-foot retail center in Kailua-Kona. Donald MacLellan and Rick Chichester of Faris Lee represented the seller, Hudson America LP, and the buyer, J.H. Real Estate Partners. The center features an open layout with ocean views and an oceanfront volleyball court. Coconut Grove is home to tenants including ABC Stores, Humpy’s Alehouse, Lava Java, Outback Steakhouse, Kona..

October 2, 2017

Salem Partners to Develop $750M Mixed-Use Project in Honolulu

HONOLULU — Salem Partners, a commercial real estate developer based in Los Angeles, is moving forward on its $750 million, two-tower project in Honolulu. The Honolulu City Council recently gave Salem Partners approval to build the 450-unit condominium and hotel development, which is part of Honolulu’s Ala Moana Transit Oriented Development Plan. The first development in the plan is Salem Partner’s Mana’olana Place project, which is slated to break ground across from the Hawaii..

September 14, 2017

Trinity, Oaktree to Form $3B Hospitality Joint Venture

HONOLULU AND LOS ANGELES — Trinity Investments LLC and funds managed by Oaktree Capital Management have entered into a joint venture partnership, with plans to invest up to $3 billion in hospitality assets in Hawaii, California, Mexico and Japan. The formation of the joint venture follows Trinity and Oaktree’s $317 million acquisition of the 759-room Westin Maui Resort and Spa in April. That transaction more than doubled Trinity’s volume of hospitality investment for 2017. In..

August 21, 2017

Competition Increases for Hawaii’s Office Space

Hawaii’s office market is dominated by Honolulu, which is home to 70 percent of the state’s population and commerce. More than 90 percent of the state’s 12 million square feet of multi-tenant Class A and B office space is located in Honolulu, with nearly 80 percent of Honolulu’s inventory situated in the four-mile stretch between the Central Business District and Waikiki. [caption id="attachment_181933" align="alignright" width="100"] Jamie Brown, Hawaii Commercial Real..

August 15, 2017

Newmark Arranges $75M Loan for Topa Financial Center in Honolulu

HONOLULU, HAWAII — Newmark has arranged $75 million in financing for the 23-story TOPA Financial Center office tower in downtown Honolulu. The 508,000-square-foot building occupies an entire city block. The 10-year loan was placed with one of Newmark’s correspondent life insurance company lenders. George Mitsanas and Jasmine Polson arranged the fixed-rate financing.

August 8, 2017

Colliers International Negotiates $42.3M Sale of Flagship Walgreens in Honolulu

HONOLULU — Colliers International has arranged the $42.3 million sale of a flagship Walgreens store located across from Ala Moana Center in Honolulu. The single-tenant, net-leased property was sold by an entity affiliated with Salem Partners and Argosy Real Estate Partners. Tom Lagos of Colliers International spearheaded negotiations on behalf of the buyer, a Los Angeles-based Korean investment fund. The transaction was structured as a reverse 1031 exchange, which required the buyer to..

August 7, 2017

Kapolei Hotel Partners to Build $60M Residence Inn by Marriott in Hawaii

KAPOLEI, HAWAII — Kapolei Hotel Partners II has purchased 3.9 acres of land on Fort Barrette Road in Kapolei for an undisclosed sum. The LLC plans to build a 183-room Residence Inn by Marriott on the site, which is situated within the 40-acre Leihano mixed-use development. The four-story, extended-stay hotel will feature full kitchens, free breakfast and family-friendly amenities. Construction will commence later this year, with an estimated cost of more than $60 million. The Leihano..

August 3, 2017