We’re back with our monthly recap on the Hawaii Commercial Investment Real Estate market. Check out our thoughts and let us know if you have any questions or need more information on any of these sales/properties. This video is from March, to receive these posts at launch, please reach out directly and we’ll add you to our list.
Earlier this week, it was announced that Jin Air will be partnering with Island Air to offer inner-island connections from Seoul, Korea. This Korean airline will also resume their flights from Honolulu to Seoul five times a week starting May 29th.
Last month, I was quoted in a Pacific Business News article about the former Federal Aviation Administration building on Kalakaua Avenue, which was recently sold to an undisclosed buyer. Myself, Brandon Bera, and Karen Birkett represented the sellers, New York’s Angelo, Gordon & Co. and Hawaii’s Pacific Office Properties Trust Inc, in this recent transaction. The building, which once held the Pacific Business News offices, is a likely candidate for redevelopment because it is located in the Waikiki Special Design District that allows new developments. I believe this property could be redeveloped into a hotel or a number of other retail or commercial opportunities. Even in the event of a redevelopment, the buyers will be honoring all of the leases in place. The largest tenant is an international school called EF International. They have branches in New York, Oxford, and Torbay England. They occupy an entire floor of the building and moved into their space a couple of years ago. They were previously located in the Waikiki Trade Center, which has been transformed into the Hyatt Centric Waikiki. This was …
A few months ago, I wrote about the new timeshare developments all over the islands. As we see more progress on these resorts, we are noticing a concentration of timeshares on the Kona/Kohala coast of Hawaii. Besides the Hilton Grand Islander in Waikiki, Hilton is busy converting the Hilton Waikoloa Village from 601 hotel units into 450 timeshares. The Waikoloa Beach Marriott Resort & Spa is converting 240 existing rooms into 112 timeshare units just down the road from the Hilton. The Haupana Beach Prince Hotel just finalized the sale of 96 of their 35o rooms to an affiliate of Angelo Gordon & Co to be converted into new five-star residences. All of these timeshares on the northern coast of the Big Island are a great indicator of the market and things to come for this area of Hawaii. By our calculations, this is almost 700 new timeshare units throughout these three resorts and they are being offered 52 weeks a year. This kind of availability is unprecedented and we are excited to see what new opportunities …
A few days ago, American Savings Bank released renderings of its new Honolulu campus, which will bring its employees and offices together under one roof.
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.
Our team is very interested in the co-working space trend that is popping up all over the islands. MyGoCenter has just opened a space in Kapolei and they are looking forward to many more locations on Oahu. Their second location is supposed to open before the end of the year.