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 feature 183 suites with full kitchens, complimentary breakfast and family-friendly amenities. Garn Development is a managing partner of the existing 180-room Embassy Suites by Hilton and Residence Inn by Marriott, which is currently under construction at Leihano. In 2016, Kisco opened Ilima at Leihano, its 84-unit assisted living community within Leihano. Additional tenants within Leihano include St. Jude Catholic Church, First Hawaiian Bank, C.S. Wo, National Kidney Foundation, Lili’uokalani Trust, Hele Gas and Starbucks Coffee. Currently the master-planned community has only two land parcels remaining for sale. Nathan Fong of Colliers International handled the transaction.
KAPOLEI, HAWAII — Gardena, Calif.-based Highridge Costa Cos., in partnership with Honolulu-based Coastal Rim Properties, has broken ground on Kulana Hale, a mixed-use and affordable seniors housing project in Kapolei, near Honolulu. Designed by SVA Architects, Hawaiian Dredging Construction Co. is building the property. Located at 1020 Wakea St., the $130 million project consists of three components — two 13-story towers and a single-story commercial space — to be built in three phases. The $64 million first phase will feature 154 affordable apartment units for seniors in a unit mix of 22 studio, 109 one-bedroom and 22 two-bedroom layouts, as well as a one-bedroom manager’s unit. All residential units are equipped with an oven, stove, microwave and refrigerator. Project amenities will include a community meeting room, picnic area, community workspace with high-speed internet access and neighborhood-serving retail space on the ground floor. The second phase will add a tower with 143 affordable units for families, as well as additional ground-floor retail space. Construction of the second phase is slated to start in 2019. The final phase will be a single-story retail space to serve the residents and larger community. “My administration has been working hard to expand affordable rental housing …
HONOLULU — Hilton Grand Vacations Inc. (NYSE: HGV) has purchased a one-acre site in Honolulu’s Waikiki neighborhood with plans to develop a 32-story timeshare resort. The site currently houses King’s Village shopping center, Hale Waikiki Hotel and Prince Edward Apartments. Construction is slated to begin in the second quarter of 2019, with project completion in the first quarter of 2022. The property will include 191 timeshare apartment units, comprised of studios, one-, two- and three-bedroom suites. Resort amenities will include a fitness center, pool, business center and owners’ lounge. The project will be HGV’s sixth resort on the island of Oahu, increasing the total count to 1,429 units. “Building on our local development history that started with the Lagoon Tower in 2000, our latest project in Waikiki will assure that HGV continues to offer lifetime vacation experiences to our next generation of owners,” says Mark Wang, president and CEO of HGV. Orlando-based HGV is a global timeshare company that develops, markets and operates vacation ownership resorts in select vacation destinations. The company’s stock price closed at $32.58 per share on Tuesday, Sept. 25, down from $38.57 per share one year ago. BSC KVSC LLC, a partnership that includes BlackSand Capital, …
KIHEI, HAWAII — Hunt Capital Partners, in partnership with Urban Housing Communities (UHC), has closed $26 million in federal low-income housing tax credit (LIHTC) equity and $12.9 million in Hawaii state tax credit equity financing for the construction of Kaiwahine Village in Kihei. This is the fourth partnership in Hawaii for Hunt Capital Partners and UHC. Located on the island of Maui, Kaiwahine Village will feature 118 affordable housing units for families earning up to 30, 40 and 60 percent of the area median income. The property will provide two- and three-bedroom units, as well as two employee units. On-site amenities include central laundry facilities, recreation areas, a clubhouse, courtyard and par course. Additionally, Ikaika Ohana, a non-profit managing general partner, will sponsor social and education programs at the community or at surrounding schools and community centers. The $62.8 million project is slated for completion in early 2020. Urban Housing Communities is developing the property, Moss & Associates is serving as the master contractor, Design Partners Inc. is the architect, and Big Island Housing Foundation is the property management agent. Hunt Capital Partners committed a total of $31.5 million in federal and state LIHTC equity. Additional funding includes a $33.2 …
LAHAINA, HAWAII — CoastWood Capital Group LLC has signed four new tenants to The Outlets of Maui, a 150,000-square-foot, open-air shopping center in Lahaina. Waikiki Brewing Co. will open at the center, joining restaurant tenants such as Ruth’s Chris Steak House and PI Artisan Pizza. The 3,940-square-foot brewpub will open this fall. Other tenants that will join the Outlets of Maui include: Kate Spade, which will open a 3,250-square-foot store this fall; Le Creuset, scheduled to open a 1,600-square-foot location in June; and Maui Sunglass/Maui Jim, which will relocate to a new, 950-square-foot location within the center. In addition to the new retailers, Warren & Annabelle’s an entertainment venue for magic and comedy, will undergo a complete renovation to its existing 5,700-square-foot space. Existing tenants at the Outlets of Maui include Coach, Michael Kors, Gap Factory Store, Banana Republic Factory Store and Tommy Hilfiger.
HONOLULU — Honolulu-based Alexander & Baldwin (NYSE: ALEX) has acquired three shopping centers located in Hawaii. Terramar Retail Centers LLC sold the properties for $254 million. The buyer also assumed $62 million in mortgage debt in the transaction. Acquisitions include Laulani Village, Hokulei Village and Pu`unene Shopping Center. Laulani Village is a 175,000-square-foot, community retail center located in Ewa Beach on the island of Oahu. Safeway, Ross Dress for Less, Petco and City Mill anchor the 95 percent leased property. The center is also home to Buffalo Wild Wings, Teddy’s Bigger Burgers, Starbucks Coffee and Panda Express. Hokulei Village is a 103,000-square-foot center located in Lihue on the island of Kaua`i. The center was 97 percent leased at the time of sale to tenants including Safeway, Petco, American Savings Bank, Chevron, Jack in the Box, Domino’s Pizza and Panda Express. Pu`unene Shopping Center is a 113,000-square-foot retail center located in Kahului on the island of Maui. The property was completed in 2017, and is home to tenants including Ulta Beauty, Starbucks Coffee, Petco, Maui Tacos, Massage Envy, Planet Fitness and Verizon. Alexander & Baldwin Inc. owns, operates and manages a portfolio of approximately 87,000 acres in Hawaii, making it the state’s fourth largest …
CHICAGO — Hyatt Hotels Corp. (NYSE: H) has agreed to sell a three-property hotel portfolio to Host Hotels & Resorts Inc. (NYSE: HST) for approximately $1 billion. The transaction includes the Andaz Maui at Wailea Resort in Wailea, Hawaii, the Grand Hyatt San Francisco and the Hyatt Regency Coconut Point Resort and Spa in Bonita Springs, Fla. Hyatt will continue to manage the three hotels under long-term management agreements. The transaction is expected to close at the end of March. The 301-room Andaz Maui features a 15-acre beachfront setting, four infinity pools, 15,000 square feet of event space, five dining options, a spa and a fitness center. Featuring 668 rooms, the Grand Hyatt San Francisco includes a 24-hour fitness center, as well as restaurant, lounge and event space on the 36th floor. Located in southwest Florida, the 454-room Hyatt Regency Coconut Point features several pools, waterslides, a golf course, rock climbing wall, five restaurants and over 82,500 square feet of flexible space. The sale reflects a recently announced initiative from Hyatt to reduce real estate ownership, according to Mark Hoplamazian, president and CEO of Hyatt. Andaz Maui and Grand Hyatt San Francisco reflect a combined attributed sale value of approximately …
OAHU, HAWAII — Jersey Mike’s Subs opened its first restaurant on a military base, with a new location at Schofield Barracks in Oahu. The company plans to open restaurants at two other military installations in 2018. The 490-square-foot sub shop, located in the Army & Air Force Exchange Service food court, is staffed almost entirely by local residents connected to service members at the installation. The Schofield Barracks location is the 54th Jersey Mike’s restaurant for franchise owner Alvaro Garcia, whose other locations are in California and Hawaii. Started in 1956, Jersey Mike’s now has 1,500 restaurants open and under development nationwide.
KAPOLEI, HAWAII — DeBartolo Development, in partnership with OPTrust and the Department of Hawaiian Home Lands (DHHL), will break ground this month on the next phase of Ka Makana Ali’i, a more than 750,000-square-foot shopping center in Kapolei. Dubbed The Grove, the 109,000-square-foot phase will be home to healthy lifestyle retailers, restaurants and services, including Foodland Farms, Hawai’i Pacific Health and PetSmart. The Grove will be located adjacent to 24 Hour Fitness. The Macy’s-anchored Ka Makana Ali’i opened in 2016 and is home to more than 125 retailers and restaurants, including a Consolidated Theatres. In addition, the center is home to the state’s first Hampton Inn & Suites by Hilton. Swinerton Builders Hawai’i is the project’s general contractor, and HTH Architects and Architects Hawai’i Limited are the project architects. JLL will handle leasing assignment for The Grove, which is expected to open in 2019.
HONOLULU AND GREEN VALLEY, ARIZ. — Lancaster Pollard has arranged two Fannie Mae loans totaling $57.1 million for seniors housing communities in Honolulu and the Tucson suburb of Green Valley. The first transaction was a $51.2 million loan that refinanced construction debt for The Plaza at Waikiki in Honolulu. MW Group owns the property, which was built in 2015. The community has been named Hawaii’s best senior living facility by The Honolulu Star Advertiser for three consecutive years. Jason Dopoulos, Doug Harper and Casey Moore led this transaction for Lancaster Pollard. In the second transaction, Lancaster Pollard assisted Frontier Management with the $5.85 million refinancing of a 52-unit memory care community in Green Valley. The 15-year loan refinanced maturing debt. Harper and Moore led the effort for Lancaster Pollard on the second closing.