Hawaii

Alexander & Baldwin Acquires Three Shopping Centers in Hawaii for $254M

by Katie Sloan February 27, 2018

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 …

February 27, 2018

California Florida Hawaii Hospitality Illinois Midwest Southeast Top Stories Western

Hyatt to Sell Three-Property Hotel Portfolio for $1B

by Kristin Harlow February 23, 2018

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 …

February 23, 2018

Hawaii Restaurant Retail Western

Jersey Mike’s Opens Restaurant on Military Base in Hawaii

by Nellie Day February 5, 2018

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.

February 5, 2018

Hawaii Retail Western

JV to Break Ground on Next Phase of 750,000 SF Shopping Center in Hawaii

by Nellie Day February 1, 2018

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.

February 1, 2018

Hawaii Loans Multifamily Seniors Housing Western

Lancaster Pollard Closes Two Refinancings Totaling $57.1M for Seniors Housing Communities in Hawaii, Arizona

by Nellie Day December 7, 2017

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.

December 7, 2017

Hawaii Retail Western

HFF Arranges $43.6M Sale of Grocery-Anchored Center in Hawaii

by Nellie Day December 4, 2017

KAPAA, HAWAII — HFF has arranged the $43.6 million sale of Kauai Village, a 109,466-square-foot, grocery-anchored retail center in Kapaa, on the Hawaiian island of Kauai. Gleb Lvovich of HFF arranged the transaction on behalf of the seller, ValueRock Realty Partners. In addition, Kyle Spencer and John Chun of HFF secured $32.3 million in acquisition financing on behalf of the buyer, Epic Real Estate Partners. A life company provided the three-year, floating-rate loan. At the time of sale, Kauai Village was 81.2 percent leased to tenants including Safeway, Ross Dress for Less, Panda Express, Starbucks Coffee and ABC Stores.

December 4, 2017

Hawaii Retail Western

Sears Opens Concept Store in Honolulu

by Nellie Day November 17, 2017

HONOLULU — Sears has opened a new store dedicated to appliances and mattresses in Honolulu. The unique retail concept focuses on two of Sears’s strongest categories, appliances and mattresses. The new store builds on the success of the first Sears Appliances & Mattresses store located in Pharr, Texas, which has been open since June 2017, as well as the Sears Appliances store, which opened in Ft. Collins, Colo., in 2016. Located at Ala Moana Center, the 16,200-square-foot Sears Appliances & Mattresses store showcases major appliance brands in a bright, spacious setting with interactive displays.

November 17, 2017

Hawaii Retail Western

Faris Lee Arranges $21.8M Sale of Retail Center in Hawaii

by Nellie Day October 2, 2017

KAILUA-KONA, HAWAII — Faris Lee Investments has arranged the $21.8 million sale of Coconut Grove Marketplace, a 49,513-square-foot retail center in Kailua-Kona. Donald MacLellan and Rick Chichester of Faris Lee represented the seller, Hudson America LP, and the buyer, J.H. Real Estate Partners. The center features an open layout with ocean views and an oceanfront volleyball court. Coconut Grove is home to tenants including ABC Stores, Humpy’s Alehouse, Lava Java, Outback Steakhouse, Kona Gear and Foster’s Kitchen.

October 2, 2017

Hawaii Mixed-Use Top Stories Western

Salem Partners to Develop $750M Mixed-Use Project in Honolulu

by John Nelson September 14, 2017

HONOLULU — Salem Partners, a commercial real estate developer based in Los Angeles, is moving forward on its $750 million, two-tower project in Honolulu. The Honolulu City Council recently gave Salem Partners approval to build the 450-unit condominium and hotel development, which is part of Honolulu’s Ala Moana Transit Oriented Development Plan. The first development in the plan is Salem Partner’s Mana’olana Place project, which is slated to break ground across from the Hawaii Convention Center in the second quarter of 2018. A new Mandarin Oriental Hotel will anchor the development. “We have enthusiastically embraced the city’s new TOD plan and look forward to the completion of the transit system in 2022,” says James Ratkovich of Salem Partners. Salem Partners received a special transit permit to build up to 400 feet high instead of the 250 feet previously allowed. The developer has also proposed for 78 affordable apartments to be built in collaboration with EAH Housing at the site, which spans 1.42 acres at 1500 Kapiolani Ave. “It is an innovative solution for deeply needed affordable units in Honolulu,” says Ratkovich. At this time the affordable units are designated for seniors housing. Colorado-based architect [au] workshop designed the two towers, …

September 14, 2017

California Hawaii Hospitality Top Stories Western

Trinity, Oaktree to Form $3B Hospitality Joint Venture

by Taylor Williams August 21, 2017

HONOLULU AND LOS ANGELES — Trinity Investments LLC and funds managed by Oaktree Capital Management have entered into a joint venture partnership, with plans to invest up to $3 billion in hospitality assets in Hawaii, California, Mexico and Japan. The formation of the joint venture follows Trinity and Oaktree’s $317 million acquisition of the 759-room Westin Maui Resort and Spa in April. That transaction more than doubled Trinity’s volume of hospitality investment for 2017. In addition to the four markets mentioned, the joint venture may also pursue investment opportunities in select gateway markets in the continental United States. Honolulu-based Trinity will oversee the joint venture and be responsible for its acquisitions and asset management. “Expanding our relationship with Oaktree provides us with additional capital to increase our scale in our core markets,” says Sean Hehir, president and CEO of Trinity. “Oaktree is a savvy investor that recognizes the success of our platform and shares our bullish outlook on these markets.” The stock price of Los Angeles-based Oaktree Capital Group LLC closed at $46.60 per share on Friday, Aug. 18, up from $43.87 on Aug. 25, 2016. — Taylor Williams

August 21, 2017

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