REBusinessOnline

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"] …

Industrial Logistics Properties Trust Secures $650M Refinancing for Hawaiian Portfolio

OAHU, HAWAII — Industrial Logistics Properties Trust (NASDAQ: ILPT) has secured a $650 million mortgage loan secured by an industrial portfolio in Oahu. The portfolio includes 186 properties, which total approximately 9.6 million square feet. The 10-year loan applies to approximately 57 percent of ILPT’s total owned square footage in Hawaii. As of Dec. 31, 2018, the average remaining lease term for these properties was more than 14 years and the occupancy was nearly 100 …

As Usual, Demand Outpaces Supply in Hawaii’s Multifamily Market

Hawaii’s multifamily market continues to achieve record pricing driven by strong local investor demand and notable institutional investors of larger mega deals at $100 million or above. This market is defined by limited inventory and prohibitively expensive new construction that leaves Hawaii with stable annual vacancy rates of about 96 percent. [caption id="attachment_221519" align="alignright" width="100"] Mark Bratton, Bratton Realty Advisors[/caption] Hawaii has seen only modest …

Hawaii’s Fundamentals Continue to Attract Investment Sale Interest

The Hawaii investment sale market was active in 2018 with an abundance of capital seeking investment opportunities throughout the state and across all product types. Mortgage availability from local banks and non-local financiers remained strong, and there was a steady flow of new interest from debt and equity sources looking for first opportunities in Hawaii. Last year’s transaction volume (including entity level) was up 33 percent from 2017 to $5.5 billion. Institutional and cross-border …

The Tide Turns in Hawaii’s Office Market

Honolulu’s office market has been stagnant for nearly 20 years with negative supply growth, limited demand, constant reductions in square feet per person and a very tight labor market. However, conversions from office to residential and/or hotel use and a major tenant move could change the market starting in 2019. [caption id="attachment_221516" align="alignright" width="100"] Jamie Brown, Hawaii Commercial Real Estate[/caption] Multi-tenant inventory has decreased by about 500,000 …

Alexander & Baldwin Buys Two Warehouses in Hawaii for $40M

KAPOLEI, HAWAII — Alexander & Baldwin (A&B) has purchased two warehouse buildings, located within Kapolei Business Park Phase I, for $40 million in an off-market transaction. Built on adjacent parcels totaling 6.45 acres, the properties feature 32-foot clear heights, dock-high loading, ESFR sprinkler systems and rooftop photovoltaic systems, which will be used by tenants to defray energy costs. The buildings offer a total of 150,000 square feet of Class A industrial space. The …

Cushman & Wakefield Chaney Brooks Brokers Sale of 56,250 SF Commercial Property in Honolulu

HONOLULU — Honolulu-based Cushman & Wakefield Chaney Brooks has arranged the sale of 1659 and 1673 Kapiolani Boulevard in Honolulu. Evershine acquired the two-parcel asset from a multi-seller group, including Seiju Co. Ltd., Maruito USA and TYA LLC, for an undisclosed price. Combined, the properties feature 56,250 square feet of commercial space. The assets are situated in the Kapiolani-Ala Moana corridor, which is transforming into a transit-oriented live, work and play district near …

Garn Development Co. Acquires Land Parcel for Hotel Development in Kapolei, Hawaii

KAPOLEI, HAWAII — Garn Development Co. has purchased a 2.6-acre land parcel on Manawai Street in Kapolei on the island of Oahu for an undisclosed price. Garn Development plans to construct a limited-service hotel on the site, which is located within the 40-acre Leihano development. An affiliate of Kisco Senior Living is master developer for Leihano, a mixed-use development situated in the urban core of Kapolei. Slated to open in fall 2019, the four-story, extended-stay hotel will …

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