Honolulu
MARKET SNAPSHOT: Positive Pace in Hawaii
In the context of an improving economy led by tourism, Oahu’s office market remained stable during the second quarter of 2014, with a positive quarter-over-quarter net absorption of 14,094 square feet, while retail improved and industrial continued to attract investors despite a slow performance.
April – Briefs/Sales & Development
Transaction Kicks off TCC, Hanover Co. Redevelopment in Austin; Avison Young Sells 1.6 MSF Chicago Distribution Center; TDG, Angelo Gordon Complete $110M Maryland Apartment Purchase; Ashford Buys Chicago’s Sofitel Hotel for $153M; Hudson’s Bay Co. Sells Toronto Tower for $650M; Partnership Grabs San Fran’s Mark Hopkins Hotel for $120M; Inland Makes Splash with $183M Hotel Purchase in Honolulu; KBS Acquires Salt Lake Tower for $170M.
A&B Properties to Acquire Kahala Properties from Kawamoto
In an off-market transaction, A&B Properties, the real estate subsidiary of Alexander & Baldwin, has paid approximately $98 million to acquire a portfolio of 31 residential properties from Japanese real estate investor Genshiro Kawamoto. Twenty-seven of the properties are located on Kahala Avenue, Honolulu’s premier residential address, which spans along the ocean from Diamond Head to Waialae Country Club, home of the Sony Open, and the world-famous Kahala Hotel & Resort.