Benderson Expands With $60M Hawaii Retail Splurge
The deal marks an almost 45 percent price increase since the previous sale.
Benderson Development has purchased a retail center spanning 130,000 square feet at 421 Alakawa St. in Honolulu.
Alexander & Baldwin sold the asset for $60.3 million, or $466 per square foot, according to Yardi Matrix information. The current deal marks a 43.6 percent increase in the sale price, as the retail center previously traded in 2019 for $42 million, or $324 per square foot, when Chapman & Cole sold it to Alexander & Baldwin.
The property at 421 Alakawa St. opened in 1999 on 9 acres. It sits in an Opportunity Zone in the Iwilei-Kapalama district, with Interstate H-1 and downtown Honolulu less than 2 miles away.
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The retail center comprises a two-story parking structure with more than 600 stalls. Home Depot is the only tenant, while Costco and a Best Buy shadow-anchor the property.
This is the second large Hawaii retail sale to make headlines this month, following 11North Partners’ $155 million acquisition of two assets totaling some 280,000 square feet, Lahaina Cannery and Lahaina Gateway. U.S. Realty Partners was the seller of the two grocery-anchored centers on Maui.
Benderson Development’s recent purchases
The 421 Alakawa St. acquisition marks Benderson Development’s entry into its 41st state. The company’s current portfolio comprises some 1,000 properties across retail, industrial, office, hospitality, residential and mixed-use and totals more than 58 million square feet.
Benderson owns more than 200 retail assets spanning almost 30 million square feet, with the largest concentrations in Florida, the Northeast and the Pacific Northwest, Yardi Matrix data shows. Recently, Benderson grew its Florida footprint by buying three properties totaling about 400,000 square feet—Granada Plaza in Tampa, Venice Market Place in Venice and a Lowe’s in Estero.
Granada Plaza, a Publix-anchored retail center, traded for $17.5 million, with CTO Realty Growth as seller, while Selig Enterprises sold Venice Marketplace for $9.9 million. Meanwhile, the single-tenant retail property in Estero, occupied by Lowe’s, traded as a sale-leaseback.
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