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Denver company to purchase Hotel Hana-Maui
A Denver-based real estate investment and development company plans to enter the Hawaii market with the purchase of the Hotel Hana-Maui & Honua Spa, an award-winning luxury property located on Maui’s eastern coast. Amstar Group LLC said yesterday it expects to take possession of the AAA Four Diamond Award property in May after its deal with the current owner, Ohana Hotel Co., closes for an... [Read more]
A&B Properties Acquires Kailua-Kona Shopping Center
Acquires Favorably Priced, Well-Located Center with 1031 Proceeds HONOLULU, Apr 12, 2010 –A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc.(NYSE:ALEX) (“Company”), announced today that it has acquired Lanihau Marketplace (“Lanihau”), an 88,300 square-foot neighborhood shopping center in Kailua-Kona, on the Big Island of Hawaii. A&B... [Read more]
Planet Hollywood will close in Waikiki
Planet Hollywood will close its last Hawaii restaurant April 18 when its lease expires at the Bank of Hawaii Waikiki Center. The restaurant, which opened in June 1995 at 2155 Kalakaua Ave., is in the process of looking for another Hawaii location. It has 72 employees. “Honolulu has been very good to us these past 15 years,” said Robert Earl, Planet Hollywood founder and CEO, in a prepared statement.... [Read more]
Industrial Vacancy Rate Highest Since 2002
The vacancy rate for industrial properties in Hawaii in the first quarter of 2010 rose to its highest level since early 2002, according to a new report. Average asking base rents, meanwhile, declined over the past year to $1.02 per square foot per month, which is even with the asking rents at the end of 2005, according to the industrial market report from CB Richard Ellis. Sales of industrial properties... [Read more]
Local Developer Donates 300 acres to Kamehameha Schools
Developer Jeff Stone has donated 300 acres of land to Kamehameha Schools and the state Department of Hawaiian Home Lands for massive projects that are expected to transform the Leeward coast. Kamehameha, the state’s largest private landowner, expects to invest $100 million to build an educational complex on approximately 70 acres of vacant land. It will be called the Stone Makaha learning complex... [Read more]
Bishop Square up for sale
Bishop Square, one of downtown Honolulu’s largest office building complexes, is for sale. The two towers that together measure 920,000 square feet are being marketed by New York-brokerage firm Eastdil Secured LLC. The property, owned by Northwestern Mutual and the California Public Employees’ Retirement System, was put on the market last month in an open-bid process. Based on the typical $225 per... [Read more]
Honolulu office landlord names new CEO
Pacific Office Properties Trust Inc. (NYSE AMEX: PCE), Honolulu’s largest office landlord, has named co-founder James R. Ingebritsen president and CEO. Ingebritsen, who also was appointed to the board, is a major shareholder as a partner of The Shidler Group and owner and director of the company’s external adviser, Pacific Office Management Inc. He is credited with having a major role in the creation... [Read more]
Queen Emma Bldg. to be sold at auction
A vacant 12-story downtown Honolulu office building known for its pimply facade will be sold in a foreclosure auction early next month The principal investor in the Queen Emma Building, physician Armand Behpour, filed a foreclosure lawsuit against the entity that owns it, Queen Emma LLC, on Sept. 21, 2009. The foreclosure was granted on Feb. 17. Attorney George Van Buren, who was appointed commissioner,... [Read more]
Lenders take over Turtle Bay Resort
Turtle Bay Resort on the North Shore is now owned by a consortium of investment management firms. The consortium are various lenders to the property, including Wells Fargo & Co. and Credit Suisse. The foreclosure settlement has ended, since the lenders have taken the deed of the property from its former owners, Los Angeles-based Oaktree Capital Management LP. The group’s new ownership... [Read more]
General Growth rejects Simon’s $10B offer
General Growth Properties Inc., owner of Honolulu’s Ala Moana Center, has rejected a $10 billion offer to sell to rival Simon Property Group. But the nation’s second-largest mall owner did not reject outright Simon’s overtures and indicated it would consider being acquired as part of its efforts to emerge from Chapter 11 bankruptcy protection. Indianapolis-based Simon is the nation’s largest... [Read more]