Target to Open 122,000 SF Location at Kukui Marketplace in Kauai, Hawaii

LIHUE, HAWAII — Target has signed a deal to open a storefront at Kukui Grove Center’s Kukui Marketplace in Lihue, located on the island of Kauai. The retailer will occupy a 122,000-square-foot space, which is under renovation, that was formerly occupied by Kmart.JLL represented Kukui Grove Center in the lease

Lancaster Pollard Provides $33M Fannie Mae Refinancing for Seniors Housing Asset in Honolulu

HONOLULU — Lancaster Pollard Mortgage Co. has provided a $33 million refinancing for The Plaza at Punchbowl, a seniors housing community in Honolulu.Built in 2003 and renovated in 2017, The Plaza at Punchbowl is a Class A facility that features 68 independent living units, 20 assisted living units and 20 memory care units. It is one of six seniors housing communities that The Plaza Assisted Living operates in Hawaii.The borrower is MW Group. The Fannie Mae loan features a 10-year term …

Highridge Costa Completes 13-Story Affordable Seniors Housing Tower in Oahu, Hawaii

KAPOLEI, HAWAII — Highridge Costa, in partnership with Honolulu-based Coastal Rim Properties, has completed the first phase of Hale Moena Kupuna, a $130 million affordable seniors and multifamily rental community in Kapolei on the island of Oahu. The first phase is a 13-story high-rise designated for seniors, featuring 153 affordable apartments in a mix of studio, one- and two-bedroom floor plans.Upon full build-out, the three-phase Hale Moena Kupuna will offer two 13-story residential …

Coastal Rim Properties Acquires Land Parcel for 20-Story Seniors Housing Development in Honolulu

HONOLULU — Coastal Rim Properties has purchased a 12,842-square-foot land parcel in downtown Honolulu from an affiliate of Next Realty for an undisclosed price.The buyer plans to develop a 20-story affordable seniors housing tower on the property, which is located at 1192 Alakea St. The site currently houses a vacant parking lot.Steven Sofos of Sofos Realty Corp. represented the seller, while Matt David and Terry Jackson of Cushman & Wakefield’s Land Advisory Group in San Diego …

Swinerton Builders Signs Office Lease at Davies Pacific Center in Honolulu

HONOLULU — Swinerton Builders has signed a 91-month lease to occupy office space at Davies Pacific Center, a 23-story office tower located at 841 Bishop St. in Honolulu. The lease is valued at $3.2 million.The Hawaii-based contractor will relocate its local headquarters to a 12,000-square-foot space on the office tower’s fifth floor. Swinerton provides commercial construction and construction management services throughout the United States.Built in 1972 and renovated in 2006, …

Howard Hughes Secures $356.8M Construction Loan for Residential, Mixed-Use Project in Honolulu

HONOLULU — The Howard Hughes Organization has received a $356.8 million construction loan for Kō'ula, the sixth residential mixed-use tower at Ward Village in Honolulu. The loan features a three-year initial term with a one-year extension. US Bank and seven other participating lenders provided the capital.Total project costs are estimated at $485.1 million, exclusive of land costs.Developed by The Howard Hughes Corp., Ward Village is a 60-acre, master-planned community in Honolulu. …

George Smith Partners Secures $51.7M Construction Loan, $16.2M Mezzanine Debt for Niumalu Marketplace in Hawaii

KONA, HAWAII — The Davies Group at Los Angeles-based George Smith Partners has arranged both a $51.7 million senior construction loan and $16.2 million in mezzanine debt for the ground-up development of Niumalu Marketplace, a shopping center in Kona. The borrower is Commercial Real Estate Development Enterprise (CREDE).Safeway will anchor the 204,275-square-foot retail property, which is slated for completion by fourth-quarter 2020.Malcolm Davies, Zachary Streit, Evan Kinne, Alexander …

Alaka’i Development Selects Moss Construction for $82M Multifamily Project in West Oahu

EWA, HAWAII — Alaka’i Development, a Hawaii-based developer, has awarded Moss Construction an $82 million contract for The Element, a multifamily community located in Ewa in West Oahu.Designed by KTGY Architects, the 325,000-square-foot project will include 13 three-story residential buildings, offering a total of 318 units. Amenities will include a clubhouse with leasing and maintenance offices, a swimming pool and two-story fitness center. The Element will also have affordable housing …

Pearlmark Closes $16.2M Investment for Niumali Marketplace Development in Hawaii

KAILUA-KONA, HAWAII — Pearlmark has closed on a $16.2 million mezzanine investment for the development of Niumalu Marketplace, a retail property in Kailua-Kona.Situated on 20 acres of fee-simple land, Niumalu Marketplace will feature 204,275 square feet of retail and commercial space, as well as 711 parking spaces. A 63,000-square-foot Safeway grocery store with a 27,000-square-foot gas pad will anchor the property.The sponsors, CREDE and two institutional equity capital partners, …

Government Services Keep Downtown Honolulu’s Office Market Humming

Honolulu’s office market has remained relatively unchanged for the past decade, but recent events have led to a dramatic shift in the direction of the Downtown submarket. Office vacancy rates in Downtown Honolulu have increased consistently in recent years, and steady leasing activity has led to declining vacancy. The Downtown office market is currently the tightest it has ever been. The vacancy rate in Downtown Honolulu decreased 70 basis points to 12.1 percent in the third quarter of 2019, …

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