Hawaii

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

by Jeff Shaw May 31, 2024

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 …

May 31, 2024

Development Hawaii Industrial Self-Storage Western

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

by Amy Works May 20, 2024

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.

May 20, 2024

Acquisitions Development Hawaii Industrial Leasing Activity Mixed-Use Retail Western

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

by Hayden Spiess February 23, 2024

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.

February 23, 2024

Acquisitions Civic Hawaii Western

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

by Amy Works February 6, 2024

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.

February 6, 2024

Hawaii Market Reports Retail Western Western Market Reports

Navigating Hawaii’s Retail Landscape: Adapting to Shifting Tides

by Jeff Shaw January 16, 2024

— 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 …

January 16, 2024

Affordable Housing Civic Development Hawaii Mixed-Use Multifamily Top Stories Western

EAH Housing Plans $193M Kahului Civic Center Mixed-Use Complex in Hawaii

by Jeff Shaw November 17, 2023

KAHULUI, HAWAII — The Hawaii Housing Finance and Development Corp. (HHFDC) has selected EAH Housing to develop the Kahului Civic Center Mixed-Use Complex in Kahului, on the island of Maui. The property will include a transit hub, civic center and 303 units of affordable housing. The Kahului Civic Center Mixed-Use Complex will be constructed in phases as part of a public-private partnership. EAH Housing will coordinate the development of the civic center with the State of Hawaii Department of Accounting and General Services, the transit hub with the County of Maui and the affordable housing with HHFDC. Development costs are estimated at $193 million for both phases of the project. Financing sources include 4 percent Low Income Housing Tax credits (LIHTC); Hula Mae Multi-Family Tax Exempt Bonds; State of Hawaii Rental Housing Revolving Funds (RHRF); and Dwelling Unit Revolving Funds (DURF). According to EAH Housing, the project is designed to address a critical need for affordable housing on Maui. The National Low Income Housing Coalition reports that nearly one-quarter of rental households in Hawaii report incomes at or below the national poverty guidelines. The state faces a deficit of more than 27,000 affordable housing units. “As we continually work to …

November 17, 2023

Affordable Housing Development Hawaii Multifamily Seniors Housing Western

Public-Private Partnership Breaks Ground on $62M Affordable Seniors Housing Community in Honolulu

by Amy Works October 23, 2023

HONOLULU — EAH Housing has broken ground on Aloha Iā Halewilikō, a 140-unit affordable seniors housing community in the Aiea neighborhood of Honolulu. The City and County of Honolulu are providing the land for the development. Other partners on the $62 million project include Hawai‘i Housing Finance & Development Corp. (HHFDC), the Bank of Hawai‘i and U.S. Bank. The development has been in planning stages for five years and is scheduled for completion in 2025. Located in a residential neighborhood adjacent to ‘Aiea Public Library on the former site of ‘Aiea Sugar Mill, Aloha Iā Halewilikō fulfills a part of the ‘Aiea Town Center Master Plan. The project is within walking distance to public transportation. A total of 13 units will be set aside for households with incomes at or below 30 percent of the area median income (AMI), 75 units for households with incomes at or below 50 percent of AMI, and 51 units for households with incomes at or below 60 percent of AMI. EAH is partnering with Lanakila Pacific, a local nonprofit services organization, which will provide access to its Meals on Wheels program. In Hawai‘i, EAH Housing currently manages 23 properties with over 2,700 units. The …

October 23, 2023

Acquisitions Affordable Housing Hawaii Multifamily Western

Public-Private Partnership Purchases 379-Unit Maunakea Affordable Housing Community in Honolulu

by Amy Works August 24, 2023

HONOLULU, HAWAII — Standard Communities has led a public-private partnership with the State of Hawaii, United States Department of Housing and Urban Development (HUD), Honolulu-based Stanford Carr Development, the City of Honolulu and Hawaii Housing Finance & Development Corp. in the acquisition of Maunakea, a 100 percent affordable housing community in Honolulu. Although the price was not disclosed, according to the acquisition team, the transaction is the largest FHA deal and Project-Based Section 8 transaction in Hawaii state history. The transaction extends the affordability of all units at the property for 20 years. Located at 1245 Maunakea St., Maunakea features 254 one-bedroom units and 125 two-bedroom units. Standard will implement renovations budgeted at more than $41 million, approximately $109,000 per unit, at the property, which was built in 1977 and renovated in 2000. In unit renovations will include updates to kitchens and bathrooms, as well as new flooring. Residents will also benefit from new windows throughout the property, a new business center, fitness center and the addition of grills to the picnic area.

August 24, 2023

Company News Hawaii Western

PRCP Launches #ExtendAloha Campaign to Benefit Maui

by Amy Works August 24, 2023

LAHAINA, HAWAII — Pacific Retail Capital Partners (PRCP) has launched an effort to raise funds and awareness for those affected by the recent wildfires in Lahaina on the island of Maui. Dubbed #ExtendAloha, the campaign encourages donations to the DTL Foundation’s dedicated Maui Fire Relief Fund. PRCP manages Queen Ka’ahumanu Center on the island and has agreed to match the first $10,000 raised. Donations can be made at dtlfoundation.org/mauifire.

August 24, 2023

Acquisitions Hawaii Office Retail Western

SRS Brokers $7.5M Sale of Retail, Office Property in Hawaii

by Amy Works August 8, 2023

KAILUA-KONA, HAWAII — SRS Real Estate Partners has arranged the sale of the leasehold interest of a two-story, multi-tenant retail and office building in Kailua-Kona. A private partnership sold the asset to a Hawaii-based private investor for $7.5 million. Built in 1997 on 1.5 acres, the 30,503-square-foot is located at 75-1000 Henry St. At the time of sale, the property was 98 percent occupied by Planet Fitness, Anderson Wealth Planning, Fidelity National Title and ProService Hawaii. Nicholas Paulic, A.J. Cordero, Matthew Mousavi and Patrick Luther of SRS represented the seller in the deal.

August 8, 2023

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