Parallel Capital Partners to Oversee $300M Portfolio of Retail/Office Assets in Honolulu
HONOLULU — San Diego-based Parallel Capital Partners has taken over asset management of a $300 million portfolio of office and retail properties in downtown Honolulu.
As part of the deal, Parallel will oversee day-to-day management and leasing for the 1 million-square-foot portfolio. The assets include two office buildings — the 550,000-square-foot Waterfront Plaza and 375,000-square-foot Davies Pacific Center — and two retail assets known as Waikiki Marketplace and King Kalakaua.
The principals of Parallel, along with Jay Shidler, are the existing owners of Davies Pacific Center and Waterfront Plaza, which the partnership originally acquired in 2003 and 2004 respectively.
Additionally, the firm tapped Steven Sullivan, a former vice president of operations at The Shidler Group, as regional vice president for the Hawaii market. Serena Longo and Jack Roney of CBRE’s Honolulu office will oversee leasing at the properties.