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Ko-Olina-Lots-Kapolei-HI
AcquisitionsDevelopmentHawaiiHospitalityMixed-UseMultifamilyRestaurantRetailWestern

New Age Ko Olina Buys Two Oceanfront Development Lots in Kapolei, Hawaii

by Amy Works

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
AcquisitionsHawaiiMultifamilySeniors HousingWestern

Joint Venture Acquires 70,000 SF Upscale Retail Center in Waikoloa, Hawaii

by Amy Works

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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AcquisitionsHawaiiMultifamilyStudent HousingWestern

Greystar Divests of 589-Bed Hale Mahana Student Housing Property Near University of Hawaii at Manoa

by Amy Works

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
DevelopmentHawaiiIndustrialSelf-StorageWestern

DXD Capital Breaks Ground on 355-Unit Self-Storage Facility in Kihei, Hawaii

by Amy Works

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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Hyatt-Ewa-Beach-Oahu-HI
DevelopmentHawaiiHospitalityLoansWestern

Alaka’i Development Receives Construction Financing for $135M Dual-Branded Hotel Project in Oahu

by Amy Works

OAHU, HAWAII — Alaka’i Development has received construction financing for a $135 million dual-branded Hyatt Place and Hyatt House Hotel at Ewa Beach in Oahu. Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell, Nick Santangelo, Amber Coleman and Jim Korinek of CBRE’s Capital Market’s Debt and Structured Finance team secured the financing and joint venture equity for the Hawaii-based developer. Situated on 3.4 acres at 91-3456 Nana Hope St., the 240-key property will feature 108 Hyatt Place guest rooms and 132 Hyatt House extended-stay rooms, 19 of which include balconies and 86 kitchenettes. The five-story building will offer an outdoor swimming pool and spa, 3,009 square feet of meeting space, a dining room, business center and fitness center.

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AcquisitionsHawaiiHospitalityTop StoriesWestern

Blackstone Real Estate Agrees to Sell Turtle Bay Resort in Kahuku, Hawaii for $725M

by Jeff Shaw

KAHUKU, HAWAII — Blackstone Real Estate has agreed to sell Turtle Bay Resort, a 450-room hotel in Kahuku on Hawaii’s Oahu island, to Host Hotels & Resorts Inc. for $725 million. The deal included the hotel property, as well as a 49-acre parcel that is entitled for further development. Turtle Bay Resort is situated on 1,300 acres along the north shore of Oahu. The resort offers bungalows, suites, guest rooms and three- or four-bedroom villas. Rooms feature private bathrooms, complimentary Wi-Fi, air conditioning, coffee makers and refrigerators. Blackstone originally acquired Turtle Bay Resort in 2018 for $332 million and subsequently renovated the property. Capital improvements to the hotel included updates to the guestrooms, bungalows, lobby, pools, meeting space, spa, building systems, exterior, arrival experience and club lounge. The restaurants and retail space on the property also received renovations. Blackstone expects to complete the sale in the third quarter of this year. Simpson Thacher & Bartlett LLP is serving as Blackstone’s legal counsel. Eastdil Secured, Jones Lang LaSalle and Sumitomo Mitsui Banking Corp. are acting as Blackstone’s financial advisors. In a separate deal completed earlier this year, Blackstone sold 65 acres of land at Turtle Bay to Areté Collective. The land …

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DXD-Self-Storage-Facility-Maui-HI
DevelopmentHawaiiIndustrialSelf-StorageWestern

DXD Capital Breaks Ground on 48,720 SF Self-Storage Facility in Maui, Hawaii

by Amy Works

MAUI, HAWAII — DXD Capital has broken ground on a Class A self-storage facility in Maui. The 45,863-square-foot property will offer 357 individual storage units within the Maui Research & Technology Park in the Kihei area. The facility will feature drive-up, non-climate-controlled units. DXD plans to open the facility in the first quarter of 2025. RYCON will serve as general contractor, and American Savings Bank is the construction lender. Extra Space will manage the facility upon completion. DXD acquired the site in April 2023 through its second fund, DXD Self Storage Fund II, which launched in June 2022. The fund has since invested in seven self-storage developments and one seven-facility portfolio acquisition across the United States.

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AcquisitionsDevelopmentHawaiiIndustrialLeasing ActivityMixed-UseRetailWestern

Alexander & Baldwin Completes One Lease, Two Sales at 125-Acre Mixed-Use Development in Maui

by Hayden Spiess

KAHULUI, HAWAII — Alexander & Baldwin has arranged one lease and completed the sale of two properties at Maui Business Park Phase II, its 125-acre mixed-use development located in Kahului on the island of Maui. The build-to-suit industrial lease totals 29,500 square feet. The undisclosed tenant plans to relocate operations to the site upon completion of the warehouse and distribution facility. The County of Maui also purchased 12.5 acres at the property for $17.4 million, with plans to construct a new facility for its Department of Transportation. Hamai Appliances Inc. also purchased two lots totaling 1.3 acres for $2.4 million. The buyer plans to build a showroom and service center on the site to expand its current operations. 

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AcquisitionsCivicHawaiiWestern

Avalon Group Acquires 130,597 SF Former School Campus in Honolulu

by Amy Works

HONOLULU — A subsidiary of Avalon Group, a real estate investment company, has purchased an 11.1-acre land parcel at 2707 and 2715 Pamoa Road in Honolulu for $23.3 million. Adjacent to the University of Hawaii at Manoa and three private schools, the site served as the Saint Francis School campus until 2019. The existing infrastructure totals more than 130,597 square feet, including classrooms, a meeting facility, dormitory, commercial kitchen, gymnasium, sports field and a large parking area. Norb Buelsing, Laurie Lustig-Bower, Peter Grossman, Scott Crockfield and Kadie Presley Wilson of CBRE represented the seller, Sisters of St. Francis of the Neumann Communities, in the transaction.

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HawaiiMarket ReportsRetailWesternWestern Market Reports

Navigating Hawaii’s Retail Landscape: Adapting to Shifting Tides

by Jeff Shaw

— By Jon-Eric Greene, Colliers — Hawaii has historically been home to many of the nation’s top grossing retail locations (as measured by gross sales), including one of the highest grossing regional malls in Ala Moana Center, and the world-famous retail street, Kalakaua Avenue in Waikiki. However, since COVID shutdowns, Hawaii retailers and shopping centers have struggled to recover. While the tourism and hotel markets have bounced back, an important visitor demographic — the international shopper — has yet to return. Tourism is Hawaii’s No. 1 industry, with almost every dollar circulating through the economy tracing back to visitors. In 2019, Hawaii welcomed a record 10.4 million visitors. However, in 2020, arrivals plummeted to 2.7 million visitors due to the pandemic. The state experienced rebounded visitor numbers in 2021 and 2022 of 6.8 million and 9.2 million visitors respectively and expected to end 2023 with 9.3 million visitors. The visitor profile has changed dramatically, however, impacting many retailers and shopping centers.  In 2019, around 3 million visitors were international, with over 50 percent (1.58 million) coming from Japan. In 2022, only 900,000 of Hawaii’s 9.2 million visitors were international, including just 192,500 Japanese. So, while overall visitor counts to Hawaii …

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