REBusinessOnline

Highridge Costa to Break Ground on Multifamily Phase of Kulana Hale Project in Hawaii

KAPOLEI, HAWAII — Highridge Costa will hold a groundbreaking ceremony on Aug. 28 for the second phase of the $130 million Kulana Hale mixed-use affordable seniors housing and multifamily apartment project located at 1020 Wakea St. in Kapolei. Kulana Hale Phase II will feature a 13-story tower with 2,300 square feet of ground-floor retail space and 143 affordable apartments for low-income families. The second-phase tower will be built over a two-level concrete podium structure that will …

Walker & Dunlop Arranges $40.6M in Financing for Keahumoa Place Apartments in Hawaii

EWA BEACH, HAWAII — Walker & Dunlop has structured $40.6 million in financing across four loans for Keahumoa Place Apartments, a multifamily housing community under development in Ewa Beach on Oahu. The Michaels Organization, the borrower, is developing the master-planned community. Located 20 miles west of Honolulu, the garden-style project will be built on previously vacant, state-owned land and provide much-needed affordable housing options. Once completed in 2021, Keahumoa Place …

State of Hawaii, Standard Communities Unveil $223.9M Plan to Rehabilitate 1,221 Affordable Housing Units

HAWAII — Standard Communities, in partnership with the State of Hawaii and Honolulu-based Stanford Carr Development, has unveiled a $223.9 million public-private partnership that will reposition 1,221 affordable housing units across six properties on the islands of Oahu, Hawaii and Maui. “Leveraging private funds through partnerships like this is a more efficient use of state resources," says Gov. David Y. Ige. "It’s more cost effective to sell the leasehold interest and have Standard …

Parallel Capital Partners to Oversee $300M Portfolio of Retail/Office Assets in Honolulu

HONOLULU — San Diego-based Parallel Capital Partners has taken over asset management of a $300 million portfolio of office and retail properties in downtown Honolulu. As part of the deal, Parallel will oversee day-to-day management and leasing for the 1 million-square-foot portfolio. The assets include two office buildings — the 550,000-square-foot Waterfront Plaza and 375,000-square-foot Davies Pacific Center — and two retail assets known as Waikiki Marketplace and King …

Alexander & Baldwin Acquires Ground Lease Interest in Industrial Park in Hawaii for $41M

KAPOLEI, HAWAII — Alexander & Baldwin has purchased the ground lease interest in Kapolei Business Park West Lot 31 in Kapolei for $41 million in an off-market transaction. The property is commonly known as the Honolulu Authority of Rapid Transportation (HART) precast yard. The 36.4-acre parcel of I-2 (industrial-zoned) land is licensed to the City and County of Honolulu through 2025. The property is a fabrication facility and storage yard for the precast concrete components of the …

Ike Place Hotels, R.D. Olson Begin Construction of AC Hotel Wailea in Hawaii

WAILEA, HAWAII — Ike Place Hotels and R.D. Olson Construction have started the ground-up construction of AC Hotel Wailea, a four-story estate hotel located at the corner of Wailea Ike Place and Wailea Ike Drive in Wailea. Situated on three acres, the 70,000-square-foot property will feature 110 guestrooms including one-bedroom suites and studio options, a business center, fitness area and infinity-edge pool with a poolside tiki bar and cabanas. The property will features a Polynesian …

Pacifica Hotels Sells 452-Room Marriott Courtyard on Hawaii’s Big Island

KAILUA-KONA, HAWAII — Pacific Hotels has completed the sale of Courtyard by Marriott King Kamehameha’s Kona Beach Hotel, a full-service beachfront hotel located at 75-5660 Palani Road in Kailua-Kona on Hawaii’s Big Island. Situated on 13 beachfront acres, the 452-room hotel comprises two connected six-story towers that feature more than 20,000 square feet of flexible indoor and outdoor meeting space; more than 18,000 square feet of retail space, including a full-service spa; a fitness …

Hilton Grand Vacations Opens 350-Unit Ocean Tower in Waikoloa, Hawaii

WAIKOLOA, HAWAII — Hilton Grand Vacations has opened Ocean Tower by Hilton Grand Vacations Club, the company’s fourth property in Waikoloa and its first on Hawaii Island with direct oceanfront views. Once complete, the multi-phase project will feature 350 units in a mix of studio, one-, two- and three-bedroom suites, including upgraded penthouse residences. The project’s initial phases, which are now complete, features 72 units consisting of 18 studios, 24 one-bedroom suites, 24 …

Phillips Realty Capital Structures $63M Financing for OHANA Waikiki Malia Hotel in Honolulu

HONOLULU — Bethesda, Md.-based Phillips Realty Capital has secured $63 million in financing on behalf of Lucky Hotels USA. Benefit Street Partners provided fixed-rate, permanent financing secured by the OHANA Waikiki Malia Hotel in Honolulu. John Sieber Jr. of Phillips Realty Capital structured the financing, while Aaron Derby at Benefit Street Partners represented the lender. Situated at 2211 Kuhio Ave. within the Waikiki Resort District, the hotel features two towers built in 1960 …

Low Vacancy, High Demand Define Hawaii’s Industrial Market

When we last reported on the health of Oahu’s industrial market in December 2017, we offered rationale for a then 1.88 percent industrial vacancy rate. This was fueled by demand from contractors building large residential condo developments, the construction of a nearly $10 billion light rail system (voter approved at less than $5 billion), booming tourism and military sectors and large public infrastructure improvements. [caption id="attachment_221523" align="alignright" width="100"] …

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