HONOLULU — A partnership between Taubman, CoastWood Capital Group and Queen Emma Land Co. has opened Taubman’s International Market Place in the Honolulu neighborhood of Waikiki. The 345,000-square-foot, open-air shopping center is home to Hawaii’s first Saks Fifth Avenue, among other retailers and restaurants. Amenities at the center include a 700-space parking garage, valet parking, electric vehicle charging stations and complimentary wi-fi.
HONOLULU — Nordstrom Inc. has opened its new, relocated store at Ala Moana Center in Honolulu. The three-level, 186,000-square-foot store features new interior and exterior design concepts, a full-service restaurant and bar, cocktail lounge and new departments. The store is a relocation from its previous home at the other end of the mall, which opened in 2008. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 326 stores in 39 states, including 121 full-line stores in the United States, Canada and Puerto Rico; 197 Nordstrom Rack stores; two Jeffrey boutiques; and one clearance store.
WAHIAWA, HAWAII — CBRE has arranged $19.7 million in acquisition financing for the 106-unit Palms of Kilani apartment complex in Wahiawa. The community is located at 1060 Kilani Ave. It was built in 1972 and renovated in 2005. The 10-year, floating rate loan was provided to DiNapoli Capital Partners. The company purchased the asset for $26 million. DiNapoli plans to invest an additional $450,000 to renovate the property. CBRE’s Andrew Behrens and Jesse Weber secured the loan.
SEATTLE — Living Care Lifestyles, a Seattle-based seniors housing operator with communities in California, Hawaii, Oregon, Texas and Washington, has hired John Renner as regional director of operations for Texas, California and Hawaii. Renner has more than 20 years of experience in assisted living and independent living. He will be responsible for the overall administration, operations and management of the six communities in the region, mostly under the company’s Quail Park brand. Prior to joining Living Care Lifestyles, Renner was the operations director at Leisure Care where he oversaw and managed 12 assisted living and independent living communities. He was also the general manager at Fairwinds.
HONOLULU — Kalākaua Gardens, an independent living, assisted living, skilled nursing and memory care community in Hawaii’s capital, is slated to open its doors in early 2016. Although the operator, Avalon Health Care Group, doesn’t specifically identify the property as a continuing care retirement community, it notes that Kalākaua Gardens will be the only community on the island offering all levels of care on one site. The luxury community will comprise 17 stories in Honolulu’s vibrant Ala Moana commercial district.
HONOLULU, HAWAII — Walker & Dunlop Inc. (NYSE: WD) has arranged a $39.7 million loan for Plaza at Pearl City, a 158-bed independent living, assisted living, memory care and respite stay community in Honolulu. MW Group owns the property, which overlooks Pearl Harbor. Keith Melton and David Strange, managing directors, and Russell Dey, vice president, led the Walker & Dunlop team. The mortgage was structured as a 40-year, non-recourse, fixed-rate, permanent HUD loan. Recently, Walker & Dunlop also closed a $37 million HUD loan earlier in the year with MW Group for Plaza at Monalua, a 122-unit assisted living facility also in Honolulu.
HONOLULU, HAWAII — Walker & Dunlop Inc. (NYSE: WD) has arranged a $39.7 million loan for Plaza at Pearl City, a 158-bed independent living, assisted living, memory care and respite stay community in Honolulu. MW Group owns the property, which overlooks Pearl Harbor. Keith Melton and David Strange, managing directors, and Russell Dey, vice president, led the Walker & Dunlop team. The mortgage was structured as a 40-year, non-recourse, fixed-rate, permanent HUD loan. Walker & Dunlop also closed a $37 million HUD loan earlier in the year with MW Group for Plaza at Monalua, a 122-unit assisted living facility also in Honolulu.
KAPOLEI, HAWAII — Six new restaurants are set to open at DeBartolo Development’s Ka Makana Ali’i, a 1.4-million-square-foot regional mall currently under construction in Kapolei in West Oahu. Openings will include a 6,200-square-foot California Pizza Kitchen, Luibueno’s, Nagoya Ramen, Auntie Anne’s, Cinnabon and Gloria Jean’s Coffee. Phase I of the center is expected to open in late 2016.
MAUI, HAWAII — Lowe’s has acquired an 11-acre site at Maui Business Park II in Kahului for $18.7 million. The property is situated in Maui’s retail and industrial core near Kahului Airport. Lowe’s plans to build a 167,000-square-foot store on the site. The new property will be 16 percent larger than its current store in Kahului, which is leased from a third party. Maui Business Park is anchored by Maui’s first Target store. Recent buyers within the park include the County of Maui, Servco Pacific, American Savings Bank, Pacific Pipe and Shelton Holdings (BMW). Maui Business Park I is home to Walmart, Home Depot, Costco, Sports Authority, Office Max, Kmart and Pier1 Imports. The seller was A&B Properties, the real estate subsidiary of Alexander & Baldwin.
Hawaii is one of – if not the – top-performing industrial market in the country. The city and county of Honolulu, which contains Hawaii’s main shipping port, had a low vacancy rate of 2.05 percent at the end of the first quarter. This vacancy rate peaked at 4.8 percent in 2009. Significant gains have been made since then. The direct weighted average asking net rental rate for industrial users in Honolulu was $13.80 per square foot (NNN) at the end of the first quarter, while operating expenses ran an additional $5.16 per square foot, per year on top of that. Having bottomed out after the downturn in 2009 at $11.20 per square foot, the Honolulu market has gained almost 24 percent since then. Land values have also followed suit. Hawaii is definitely not Chicago or Los Angeles. In fact, both of those markets have individual industrial parks greater in size than the entire Hawaii marketplace, at 39 million square feet. Having said this, Hawaii is in the midst of a construction and tourism boom, with billions of dollars being allocated to urban core renewal projects, light rail, resort renovations and new residential developments. Up until recently, this renewal had occurred …