Hawaii Archives - REBusinessOnline

Joint Venture to Acquire Alexander & Baldwin in $2.3B Deal, Take Hawaiian Company Private

John Nelson — Tue, 09 Dec 2025 12:48:00 +0000

HONOLULU — A joint venture formed by locally based MW Group Ltd. and funds affiliated with Blackstone Real Estate (NYSE: BX) and DivcoWest has entered into a definite merger agreement with Alexander & Baldwin Inc. (NYSE: ALEX), a Honolulu-based owner-operator of shopping centers and other commercial real estate properties. The deal is valued at $2.3 billion, inclusive of outstanding debt, and would take Alexander & Baldwin private. The joint venture plans to acquire all outstanding shares of Alexander & Baldwin for $21.20 per share in an all-cash transaction. The company’s stock price closed last week at $15.22 per share, giving the acquisition price a nearly 40 percent premium. Alexander & Baldwin is the largest owner of grocery-anchored shopping centers in Hawaii. The firm’s overall portfolio spans approximately 4 million square feet and includes 21 retail centers, 14 industrial assets and four office properties, as well as fee interests in 146 acres of ground lease assets. Upon closing of the deal, which is scheduled for the first quarter of 2026, Alexander & Baldwin will become a privately held company but will retain its Honolulu headquarters and maintain its name and brand. The new investment group has announced it will invest $100 million…

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EAH Housing Completes $58M Affordable Seniors Housing Development in Hawaii

Amy Works — Thu, 23 Oct 2025 13:29:03 +0000

HILO, HAWAII — EAH Housing has opened Hale Nā Koa ‘O Hanakahi, an affordable seniors housing development in Hilo. Residences are reserved for seniors age 62 and older earning at or below 80 percent of the area median income, with preference given to veterans and surviving spouses. This marks the first affordable senior living development for veterans in Hawaii. EAH Housing developed the $58 million project in partnership with Hawaii Island Veterans Memorial Inc. The property totals 91 one-bedroom apartments across three two-story buildings, with an additional unit for an on-site property manager. Each unit comprises roughly 546 square feet. Amenities at the property include a community center with a lounge, coffee bar and fitness room. The center also features a multi-purpose room and a non-commercial kitchen for resident use. “This community is the first phase of a larger master-planned campus,” says Denise Nakanishi, chairperson of the board for Hawaii Island Veterans Memorial Inc. “Future plans include a veterans’ center and an outpatient clinic to expand healthcare access and support services for veterans and their families.” Design Partners Inc. was the architect for development, and Maryl Construction Group served as the general contractor. EAH Housing Real Estate Management will oversee operations and maintenance…

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Greystar, University of Hawaii at Mānoa Complete Two-Tower Student Housing Community in Honolulu

Amy Works — Mon, 15 Sep 2025 15:07:34 +0000

HONOLULU — A public-private partnership between Greystar and the University of Hawaii at Mānoa has completed Hale Haukani, a two-tower development on the university’s campus in Honolulu. The community offers 558 beds across 316 fully furnished units in studio, two-, three- and four-bedroom configurations. Shared amenities include study rooms, community lounges and an amenity deck on the 12th floor. An onsite daycare operated by the university is also available to support students with families.

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EAH Housing Opens 140-Unit Aloha lā Halewilikō Affordable Seniors Housing Property in Hawaii

Amy Works — Thu, 17 Jul 2025 14:45:58 +0000

‘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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Gantry Secures $10M Refinancing for Self-Storage Facility on Oahu, Hawaii

Amy Works — Wed, 16 Jul 2025 15:25:18 +0000

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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Oahu’s Industrial Market: Still Tight, But Some Softening

John Nelson — Wed, 09 Jul 2025 11:37:00 +0000

— 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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CBRE Brokers Sale of 79,000 SF Pacific Shopping Mall in West Oahu, Hawaii

Amy Works — Thu, 15 May 2025 13:44:18 +0000

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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New Retail Tenants Open at Ala Moana Center in Honolulu

Amy Works — Tue, 18 Mar 2025 13:37:41 +0000

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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Marcus & Millichap Arranges Sale of StorQuest Self-Storage Facility in Kea’au, Hawaii

Amy Works — Wed, 12 Mar 2025 13:51:37 +0000

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

Amy Works — Thu, 16 Jan 2025 14:49:38 +0000

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

Amy Works — Fri, 01 Nov 2024 12:50:52 +0000

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

Amy Works — Fri, 04 Oct 2024 13:46:37 +0000

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

Amy Works — Thu, 12 Sep 2024 13:14:00 +0000

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

Amy Works — Mon, 09 Sep 2024 13:38:20 +0000

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

Jeff Shaw — Fri, 31 May 2024 12:15:00 +0000

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

Amy Works — Mon, 20 May 2024 13:37:41 +0000

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

Hayden Spiess — Fri, 23 Feb 2024 15:51:56 +0000

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

Amy Works — Tue, 06 Feb 2024 14:17:37 +0000

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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Navigating Hawaii’s Retail Landscape: Adapting to Shifting Tides

Jeff Shaw — Tue, 16 Jan 2024 12:30:00 +0000

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

Jeff Shaw — Fri, 17 Nov 2023 13:00:00 +0000

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…

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