Commercial Real Estate Sales by Category
19 Sales: Totaling $84,579,588
|# of Transactions||Avg Price PSF (Bldg)||Avg Price Per Unit/Door||Total Sales Price|
January in Review
January started off strong with 19 deals totaling over $84,000,000. With the election and Holidays behind us, 2017 is anticipated to extend 3-years of market-high volumes with modest decline in total dollars exchanged. While we anticipate the number of transactions and sales pricing to remain stable, we are forecasting an overall dollar-volume decline of 20% to account for fewer mega-deals this year that have driven the market since 2014.
Following are the major trends we believe will shape the market throughout 2017:
- Value-add opportunities remain most attractive to investors and developers
- Construction Costs are expected to stabilize
- Strong interest from Asia despite challenges in moving money out of home countries
- Trump Administration factor
- There appears to be more room to this boom cycle
Deals We Found Interesting
94-468 Akoki Street
The Fuji Film Building – Industrial – $17,000,000 – 51,740 sf – $329/sf
The Fuji Film Building had been on the market for approximately 6 months and sold to Warabeya USA Inc., a Japanese food distributor. This was a very sought after building in its functional design, installed solar system and more than an acre of developable land for expansion.
73-1311 Onaona Drive
Multifamily – $16,000,000 – 120 units – $133,333 per unit
Southwestern Investment Advisors, LLC purchased this 120-unit Multifamily complex situated on a 10-acre parcel located in Kailua Kona. Originally delivered in 1993, the unit mix is comprised of 120 1-bed/1-bath units, approximately 400 SF. The property was 100% leased at the time of sale.
3336 Campbell Avenue
Multifamily – $4,450,000 – 19 units – $234,210 per unit
Dragon Holding LLC., an active multifamily investor purchased the property that is well located in the Diamond Head – Kapahulu submarket. As a value-add investor, we expect he will fix up and reposition the property immediately.
1114 11th Avenue
Office – $1,850,000 – 1,872 sf – $988/sf
Nicely improved small office building in the Kaimuki area. We were most intrigued by the price per square foot that at $988 per sq. ft. is one of the highest office price figures we have seen in some time.
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