Hawaii

U.S. Realty Partners Buys 135,996 SF Lahaina Gateway Retail Center in Hawaii for $37.2M

by Amy Works December 21, 2022

LAHAINA, HAWAII — Westlake Village, Calif.-based U.S. Realty Partners has acquired Lahaina Gateway, a grocery-anchored shopping center in Lahaina, from an institutional investment firm for $37.2 million. Located at 325-355 Keawe St., Lahaina Gateway features 135,996 square feet of retail space. The sale process started with the center 77 percent occupied with negotiated leases that will bring the occupancy to 90 percent. Tenants include Foodland Farms, Ace Hardware, Ross Dress for Less, Vitamin Shoppe, Supercuts, Local Motion and Maui Powerhouse Gym. Bryan Ley, Gleb Lvovich, Geoff Tranchina and Keenan Sue of JLL Retail Capital Markets investment sales and advisory team represented the seller in the deal.

December 21, 2022

Affordable Housing Development Hawaii Multifamily Western

Ikaika ‘Ohana, Hunt Capital Open 89-Unit Affordable Multifamily Property in Lahaina, Hawaii

by Amy Works December 7, 2022

LAHAINA, HAWAII — Ikaika ‘Ohana and Hunt Capital Partners, in collaboration with Urban Housing Communities, have opened Kaiaulu o Kupuohi, an affordable housing community in Lahaina. Located at 258 Kupouhi St., Kaiaulu o Kupuohi features 89 apartments divided into 20 one-bedroom units, 34 two-bedroom units and 35 three-bedroom units. The apartments are reserved for families earning up to 60 percent of the area median income. Onsite amenities include a community center, management, tot lot, barbecue/picnic area, laundry facilities and ample parking. Goodfellows Bros. and Maryl Group Construction served as general contractors and Design Partners served as project architect. ThirtyONe50 Management operates the asset. The total cost for Kaiaulu o Kupuochi is $64.6 million. Hunt Capital Partners provided $21.9 million in federal and $8.1 million in Hawaii state Low-Income Housing Tax Credit (LIHTC) equity for the project. Other funding sources include the Bank of Hawaii, which provided a $27.6 million construction loan and an $8.2 million construction-to-permanent loan; the Hawaii Housing Finance and Development Corp., which provided $17.1 million in Rental Housing Revolving Funds; Maui County, which provided a $6.4 million permanent loan; and Ikaika ‘Ohana, which provided a $725,952 permanent loan.

December 7, 2022

Acquisitions Hawaii Retail Western

SRS Brokers $5.5M Sale of Cost-U-Less-Occupied Retail Property in Hilo, Hawaii

by Amy Works September 13, 2022

HILO, HAWAII — SRS Real Estate Partners has arranged the sale of a single-tenant retail property located at 715 Kinoole St. in Hilo. A mainland-based private investor acquired the asset from a Hawaii-based private investor for $5.5 million. Cost-U-Less, a warehouse-style retail chain store, occupies the 23,016-square-foot building, which was built in 2002. Nicholas Paulic, AJ Cordero, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller in the transaction.

September 13, 2022

Development Hawaii Retail Western

KZ Cos. Breaks Ground on 45,737 SF Ho’omaka Marketplace in Kapolei, Hawaii

by Amy Works August 3, 2022

KAPOLEI, HAWAII — Irvine, Calif.-based KZ Cos. has broken ground on Ho’omaka Marketplace, a retail development located at the corner of Kapolei Parkway and Kualakai Parkway in Kapolei. Longs Drugs, HELE Gas, Chick-fil-A and 7-Eleven will anchor the 45,737-square-foot shopping center. The property will feature units ranging from 954 square feet to 4,008 square feet, plus a 15,000-square-foot anchor pad. Ho’omaka Marketplace is designed to provide an economic future for native Hawaiians who live in Kapolei, according to KZ Cos. All money generated through the ground lease proceeds will benefit Kapolei Community Development Corp. (KCDC), a nonprofit that serves Hawaiian homestead areas. KCDC will use the proceeds to support facilities, scholarships, education, childcare, emergency services and job creation for native Hawaiian families. The marketplace is minutes away from University of Hawaii West Oahu, Ka Makana Ali’I and Ho’opili, an 11,750-residence master-planned community. The retail center is also across the street from Ka Makana Alii, a 1.4 million-square-foot regional mall. The development team includes KZ Cos., KCDC and the Department of Hawaiian Home Lands. Architects Hawaii Limited and Wilson Okamoto are designing the project, which is slated for completion by summer 2023.

August 3, 2022

Development Hawaii Restaurant Retail Western

KZ Companies Breaks Ground on 45,737 SF Ho’omaka Marketplace in Kapolei, Hawaii

by Amy Works August 3, 2022

KAPOLEI, HAWAII — Irvine, Calif.-based KZ Companies has broken ground on Ho’omaka Marketplace, a retail development located at the corner of Kapolei Parkway and Kualakai Parkway in Kapolei. Longs Drugs, HELE Gas, Chick-fil-A and 7-Eleven will anchor the 45,737-square-foot shopping center. The property will feature units ranging from 954 square feet to 4,008 square feet, plus a 15,000-square-foot anchor pad. Ho’omaka Marketplace is designed to provide an economic future for native Hawaiians who live in Kapolei, according to KZ Companies All money generated through the ground lease proceeds will benefit Kapolei Community Development Corp. (KCDC), a nonprofit that serves Hawaiian homestead areas. KCDC will use the proceeds to support facilities, scholarships, education, childcare, emergency services and job creation for native Hawaiian families. The marketplace is minutes away from University of Hawaii West Oahu, Ka Makana Ali’I and Ho’opili, an 11,750-residence master-planned community. The retail center is also across the street from Ka Makana Alii, a 1.4 million-square-foot regional mall. The development team includes KZ Companies, KCDC and the Department of Hawaiian Home Lands. Architects Hawaii Limited and Wilson Okamoto are designing the project, which is slated for completion by summer 2023.

August 3, 2022

Hawaii Industrial Loans Retail Western

Gantry Arranges $65M in Permanent Financing for Warehouse, Retail Portfolio in Hawaii

by Amy Works June 1, 2022

HONOLULU — Gantry has secured $65 million in permanent financing to recapitalize a portfolio located on Oahu. The two financed properties are Hanua Logistics Center, a recently completed 226,850-square-foot Class A warehouse facility, and Honolulu Design Center, an 80,000-square-foot retail center. Murphy Osborne of Gantry’s San Francisco office arranged the funding on behalf of the borrower, a private investor. Bank of Hawaii provided the financing, which features a 15-year term, including a significant interest-only period transitioning to 30-year amortization.

June 1, 2022

Acquisitions Hawaii Life Sciences Net Lease Western

SRS Negotiates $50.3M Sale of Life Sciences Property in Honolulu

by Amy Works April 29, 2022

HONOLULU — SRS Real Estate Partners has arranged the leasehold ownership sale of a single-tenant life sciences property located at 93-193 Aiea Heights Drive in Honolulu. iStar, a REIT based in New York City, sold the asset to a private investor for $50.3 million. John Redfield of SRS’ National Net Lease Group represented the buyer and seller in the deal. Built in 1975 and renovated in 2016, the four-story, 81,596-square-foot property sites on 2.7 acres. Clinical Labs of Hawaii occupies the property on a long-term, triple-net lease whereby the buyer acquired the leasehold interest subject to a long-term ground lease.

April 29, 2022

Acquisitions Affordable Housing Hawaii Multifamily Western

CPP Acquires 164-Unit Smith-Beretania Affordable Housing Tower in Honolulu

by Amy Works January 19, 2022

HONOLULU — Community Preservation Partners (CPP) has purchased Smith-Beretania Apartments, an affordable multifamily property in Honolulu. Terms of the transaction were not released. The 22-floor housing complex features 164 one- and two-bedroom units, all of which receive subsidy under a Section 8 HAP contract. The property also features a community room, on-site management, laundry facilities, controlled access entry and dedicated parking in the adjacent parking structure. The site also provides access to a public park with a playground, basketball court, pet park and open green space. CPP plans to work with Hawaii-based business partners to invest nearly $10 million to rehabilitate the complex, with renovations to include exterior paint, unit turns, energy-efficiency improvements, accessibility upgrades and site amenity updates. CPP partnered with local lenders BlackSand Capital and Bank of Hawaii to finance the property acquisition. The company also worked with Hawaii affordable housing specialist Ahe Group in the transaction. Now under CPP ownership, future renovations to the Smith-Beretania Apartments will be financed through the Low-Income Housing Tax Credit (LIHTC) program, which will preserve its affordable housing designation for decades.

January 19, 2022

Hawaii Loans Multifamily Seniors Housing Western

Ziegler Arranges $52M Bridge Loan for Kalakaua Gardens Seniors Housing Community in Honolulu

by Amy Works January 14, 2022

HONOLULU — Ziegler has arranged a bridge loan placement totaling $52 million for Kalakaua Gardens, a continuing care retirement community in Honolulu. The property features 164 units of independent living, assisted living, memory care and skilled nursing. The borrower is Island Paradise Investments (IPI). IPI opened Kalakaua Gardens in late 2016. The community is situated at the gateway to Waikiki within the lively Ala Moana enclave and in close proximity to several hospitals and medical clinics. The community was built for ohana-style living, where residents are encouraged to live and be social within inviting open spaces that offer 360-degree views of the islands. The loan refinanced the original construction loan and provided additional proceeds for planned renovations, other reserves and closing costs.

January 14, 2022

Acquisitions Development Hawaii Industrial Self-Storage Western

DXD Capital, InSite Property Group Purchase Land Site in Oahu for 853-Unit Self-Storage Facility

by Amy Works November 22, 2021

KAPOLEI, HAWAII — A joint venture between DXD Capital, a self-storage investor and developer, and InSite Property Group has acquired a 2.3-acre land site in Kapolei Business Park on Kalaeloa Boulevard in Kapolei. InSite will develop and operate an 853-unit self-storage facility on the property for the partnership under its SecureSpace brand. Construction of the self-storage facility is slated to begin in August 2022, with completion scheduled for September 2023. The property was acquired through DXD Self Storage Fund I, which DXD launched in November 2020. The $50 million fund will be used to primarily invest in ground-up development of Class A, multi-story, climate-controlled self-storage facilities across the United States.

November 22, 2021

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