Hawaii

Aloha-la-Halewiliko-Aiea-HI

‘AIEA, HAWAII — EAH Housing has started leasing at Aloha lā Halewilikō, a $62 million affordable rental community for older adults in ‘Aiea. Located at the former site of the ‘Aiea Sugar Mill at 99-385 Pōhai Place, Aloha lā Halewilikō offers 83 studio apartments, 56 one-bedroom apartments and a manager’s unit. The rents are set at affordable rates for households earning 30 percent, 50 percent and 60 percent of the area median income. The community features a multipurpose room, walking paths, fitness facilities, community gardens and digital literacy programs. Lanakila Pacific, a local nonprofit partner, will provide onsite services, including Meals on Wheels and wellness programming to support aging in place.

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46-004-Kawa-St-Kaneohe-HI

KANEOHE, HAWAII — Gantry has secured a $10 million permanent loan to refinance maturing debt for a self-storage facility in Kaneohe on the Hawaiian island of Oahu. The two-story, climate-controlled facility features 698 units encompassing 50,135 rentable square feet. Public Storage manages the property, which is located at 46-004 Kawa St. Robert Slatt and Alex Poulos of Gantry arranged the five-year, fixed-rate loan through a regional bank for the borrower, a private real estate investor.

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— By William (Bill) Froelich of Colliers — s of first-quarter 2025, Oahu’s industrial market remains one of the tightest in the nation — but signs of softening are emerging. Our 41.9 million square foot market reported a vacancy rate of 1.2 percent, the highest in over two years, up from 0.9 percent in fourth-quarter 2024 and a near-record low of 0.6 percent in third-quarter 2023. Net absorption was negative at -115,001 square feet in first-quarter 2025, marking the fifth quarter of negative net absorption in the last six. Despite this, direct weighted average asking base rents reached a new high of $1.56 per square foot per month, reflecting continued landlord leverage in a market with severely constrained supply. Industrial operating expenses also rose, averaging $0.54 per square foot monthly, pushing our gross rents over $2.00 per square foot. Raw Land Market: A Race to Buy Before It’s Gone In a typical year, Oahu absorbs 10 to 20 acres of raw industrial land. But in a short period between the end of 2021 and the first half of 2022, over 100 acres had traded, driven by high-profile acquisitions such as Amazon’s 50-acre purchase and Costco’s 45-acre site purchased for almost …

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Pacific-Shopping-Mall-Nanakuli-HI.jpg

NANAKULI, HAWAII — CBRE has arranged the acquisition of Pacific Shopping Mall, a fee simple, grocery-anchored shopping center in Nanakuli in West Oahu. The property traded for an undisclosed amount in an off-market transaction. Located at 87-2070 Farrington Highway, Pacific Shopping Mall offers 79,000 square feet of retail space that was 90 percent occupied at the time of sale. Current tenants include Foodland’s Sack N Save, McDonald’s, O’Reilly Auto Parts, Here Fuel and Subway. Nicholas Paulin and AJ Cordero of CBRE represented the private buyer in the acquisition.

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Dave-Busters-Honolulu-HI

HONOLULU — Ala Moana Center, a 2.4-million-square-foot shopping center located in Honolulu, has announced the expansion of 10 new tenants this year. A mix of restaurant and retail businesses — Amaterasu; Coconut Ave; Baskin Robbins; Eve Ala Moana; fanfancy+; Lovisa; NOHO HOME; Skinceuticals Skin Lab; and ZEGNA — have already opened at the property. Dave & Buster’s, the final tenant to join the roster, is scheduled to open in mid-April. Brookfield Properties of Chicago owns and operates the center. Ala Moana Center is anchored by Bloomingdale’s, Neiman Marcus, Nordstrom, Macy’s and Target and houses more than 350 stores and restaurants, including a selection of local, international and luxury brands.

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16-180-Mikahala-Pl-Keaau-HI

KEA’AU, HAWAII — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of a StorQuest-managed self-storage facility located at 16-180 Mikahala Place in Kea’au. Dallas-based Baranof Holdings acquired the asset from a Hawaii-based limited liability company for an undisclosed price. StorQuest Self Storage offers 879 units spread across 77,363 net rentable square feet. Charles LeClaire and Adam Schlosser of Marcus & Millichap’s Denver office represented the seller and the buyer in the deal. Adam Attia of Marcus & Millichap served as broker of record for the transaction.  

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Ko-Olina-Lots-Kapolei-HI

KAPOLEI, HAWAII — Los Angeles-based New Age Ko Olina has acquired two oceanfront lots near the Ko Olina master-planned development in Honolulu from Oceanwide Resort HI LLC for an undisclosed price. CBRE’s Matt Bittick and Henry Bose represented the seller, while Powell & Aucello represented the buyer in the deal. The first lot, adjacent to Aulani Resort, is entitled for up to 1.5 million square feet of developable area and up to 1,400 units. The seller had proposed a 1,383-key Atlantis Resort & Residence Ko Olina (subject to design review), which would feature 37,500 square feet of retail space, 1,200-seating restaurant options, an aquarium and pools, and open to two of Ko Olina’s beach lagoons. The second lot is entitled for up to 990,000 square feet of developable area with no more than 850 units and opens to two beach lagoons and the Pacific Ocean. The approvals for the lot provide for a hotel, branded residential and timeshare. Ko Olina is an oceanfront master-planned development on the west coast of Oahu. Situated on more than 642 acres, the property offers four beach lagoons connected by more than a mile-and-a-half of seaside paths, the Ko Olina Golf Club and Ko Olina Marina, …

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Kings-Shops-Waikoloa-HI

WAIKOLOA, HAWAII — A joint venture between Pacific Retail Capital Partners, Starwood Property Trust and Taconic Capital Advisors has purchased Kings’ Shops, a retail property in Waikoloa. Terms of the transaction were not released. Tenants at the nearly 70,000-square-foot Kings’ Shops include Tiffany & Co., Tommy Bahama, Tori Richard, Travis Matthews, Lululemon, Kahala, Roy’s Waikoloa Bar & Grill by Chef Roy Yamaguchi, Foster’s Kitchen and A-Bay’s Island Grill. The property also offers venues for live entertainment, including music and fire dancing, weekly farmers markets and monthly night market events.

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HONOLULU — Greystar has completed the fee-simple sale of Hale Mahana, a student housing property located at 2615 S. King St. in Honolulu. A joint venture between Timberline Real Estate Ventures and an Ares Management Real Estate fund acquired the asset, which is 0.2 miles from the University of Hawaii at Manoa campus, for an undisclosed price. Built in 2018, the 191-unit Hale Mahana offers 589 beds, study rooms, a computer lab, covered parking, fitness center, rooftop deck with grilling stations and ground-level retail space, including Raising Cane’s Chicken Fingers and Jersey Mike’s Subs. The complex offers one-, two-, three- and four-bedroom, fully furnished units with equipped kitchens featuring stainless steel appliances. JLL Capital Markets represented the seller and procured the buyer in the transaction.

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Extra-Space-Kihei-HI

KIHEI, HAWAII — DXD Capital has broken ground on a Class A self-storage facility in Kihei, a city on Maui. Upon completion, the facility will offer 355 individual storage units totaling 45,813 net rentable square feet. Situated within the Maui Research & Technology Park, the facility will offer drive-up, non-climate-controlled units. The property is slated to open in second-quarter 2025. DXD acquired the asset in April 2023. RYCON will serve as general contractor, and American Savings Bank will be the construction lender. Extra Space will manage the facility.

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