Market Reports

Category Archives: Listings

Hotels rates in Waikiki, Oahu up 21% in February; all Hawaii islands see gains

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What wonderful news for Oahu! Janis Magin of PBN provided some great stats on all of the Hawaii island's hotel rates. If you are interested in investing in a hotel or a condotel, we have a truly unique investment opportunity for you! 

We have Hawaii's ONLY fee simple, beachfront boutique hotel in Waikiki listed and offers are due in 2 weeks!

To view the brochure and for more information, please visit the website www.WaikikiHotelSale.com

 

Article for your reading enjoyment:

Hotels rates in Waikiki, Oahu up 21% in February; all Hawaii islands see gains

By Janis L. Magin, Managing Editor- Pacific Business News

Hotel rates in Waikiki and the rest of Oahu continued to set the pace for the rest of the state in February, soaring 21 percent higher than the same month a year ago, according to the latest report fromHospitality Advisors LLC and Smith Travel Research.

The average daily rate for Oahu hotels in February was $209.18, which was 20.7 percent higher than the average daily rate of $173.36 in February 2012. Revenue per available room, or RevPAR, a key metric for the industry, rose 23.5 percent to set a monthly record of $187.84, while occupancy posted a modest gain of 2.1 percentage points to reach 89.8 percent.

Kauai hotels had their strongest month since the recession began in 2008, and posted the second-best gain in room rates for February, a 12.3 percent increase to $222.97. RevPAR on Kauai rose 23.1 percent to a record of $187.85, while occupancy rose 7.2 percentage points to 82.4 percent.

The Big Island also posted gains in February, with occupancy increasing 6.4 percentage points to 78 percent, and the average daily room rate rising 9.7 percent to $222.05. RevPAR at Big Island hotels rose 19.5 percent in February to $175.54.

Maui was the only island to see a slight decline in occupancy February. The occupancy rate for Maui hotels was 82.6 percent, or 1.1 percentage points lower than February 2012, but the average daily room rate rose 4.9 percent to $294.30, and RevPAR rose 3.5 percent to $243.09.

 

http://www.bizjournals.com/pacific/news/2013/04/17/hotels-rates-in-waikiki-oahu-up-21.html?ed=2013-04-17&s=article_du

JUST SOLD: Land Under West Maui Center

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The Leased Fee under West Maui Center in Lahaina, Maui was just sold this past Friday! We received many offers which we leveraged to create a competitive bidding enviroment amongst the buyers.

Buyers across the country vied to provide a winning bid on this extremely rare ground lease. The compeititon drove up the price and drove down the rate of return. We only see a handful of these fee simple interest that are sold each year. We appreciate the opportunity to work with both parties.

 

OFFERS DUE 2/27/13: Maui Shopping Centers

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FAIRWAY SHOPS, KAANAPALI, MAUI
 
 NAPILI PLAZA, KAPALUA, MAUI
 
 
 
Offers Due Wednesday, Feburary 27, 2013

PREFERENCE WILL BE GIVEN TO PORTFOLIO BUYERS BUT

INDIVIDUAL PROPERTY OFFERS WILL BE CONSIDERED
  • ​Upside Potential/In-Place Rents Below Historical Rates
  • Established Retail Centers in Prime West Maui Locations – Kapalua Resort and Kaanapali Beach Resort​
  • Leveraged Portfolio Yield (Year 2 estimate) 11.2%
  • ​​Replacement Cost Estimates – Fairway Shops $17.7 million                        Napili Plaza $29.8 million
  • Strengthening Tourism Market
  • ​​​​Strong Demographics

 

For more information, click here: www.MauiRetailPortfolio.com
 
 
 

 

76% of Commercial Real Estate Loans Matured in 2012 are Paid Off

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The vast majority of loans that were initiated at the peak of the CMBS loan bubble in 2007 were paid off last year. The remaining 24% of these loans were either extended or are now in default. Many prognosticators predicted more of a blood bath and believed that more properties would fall into foreclosure.

Although many areas showed a slight upswing in the economy, the office market has not fared as well in recent months. More office workers are now working in smaller spaces so vacancy rates are not going down. Great buys will be in the office sector this year.

SOLD: Fee Simple Retail in Kapahulu, Honolulu

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3210 Martha Street, Honolulu

 

We are excited to announce the sale of this fee simple retail property in the heart of the bustling Kapahulu area! The property consists of a 1,320 square feet commercial building and a 691 square feet residential building on 5,007 square feet of land. The buyer is an owner user who will remodel the buildings and occupy the commercial building.

FOR SALE: Truly Rare Fee Simple Net Leased Investment in Honolulu

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We are excited to announce the SALE of a TRULY UNIQUE Fee Simple Industrial Zoned property in the Mapunapuna area, blocks away from the Honolulu International Airport! The property is 100% leased to credit tenants! 

Investment Summary

Asking Price: Submit Offer

2012 NOI: $804,000

2024 Projected NOI: $955,909

Replacement Cost Estimate: $16,600,000

Tenure: Fee Simple

Occupancy: 100%

Land Area: 115,747 SF

Total Building Area: 48,270 SF

Building A: (Polynesian Adventure Tours) 27,600 SF

Building B: (Infiniti) 7,410 SF

Building C: (Polynesian Adventure Tours) 13,260 SF

Address: 2880 Kilihau Street, Honolulu, HI

Zoning: I-2 Intensive Industrial District

Investment Highlights

• 100% leased to credit tenants

• Long term guaranteed leases in place

• High traffic counts and commercial density

• Within close proximity of over 89,000 households within a 5-mile radius

Tenant Lease Summary

Polynesian Adventure Tours
Owned and Guaranteed by Norwegian Cruise Lines
Norwegian Cruise Lines has an S&P rating of B+

Lease Expiration: July 31, 2025
Building SF: 40,860 (Buildings A & C)

King Infiniti of Honolulu

Lease Expiration: July 31, 2025
Building SF: 7,410 (Building B)

To download the Brochure and Confidentiality Agreement, please click here.

For more information on the property, please go to www.NNNHonolulu.com
 

NEW LISTING: Aina Haina Fee Simple Business Zoned Property

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For more information, please visit the website here: http://5156khwy.com

 
Investment Summary
 
Asking Price: Submit Offer
Tenure: Fee Simple
Occupancy Status: Owner Occupied – Delivered Vacant at Closing
Building Area: 24,200 SF – Main Building (Two-Stories)
2,279 SF – Former Medical Clinic (Single-Story)
Land Area: 60,890 SF
TMK No.: (1) 3-6-11: Parcel 1
Zoning: B-1 (Neighborhood Businesses)
 
 
Property Highlights
 
• Rarely available fee simple commercial property opportunity in East Oahu
• High street visibility & frontage along Kalanianaole Hwy
• Over 63,000 cars pass the property daily
• Adjacent to Aina Haina Shopping Center
• Well-maintained main building with high-quality finishes
• Efficient layout includes office space, assembly halls, and living quarters
• Large concrete-paved parking lot with 115 stalls
• Expansion opportunity by redeveloping former medical clinic
• Favorable business zoning and rectangular lot configuration allows for a variety of uses

SOLD: MAJOR AIEA MEDICAL OFFICE BUILDING

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AIEA – Kamehameha Schools just sold their 61,690 square feet professional office building in Aiea, Oahu for $15,250,000. Hawaiian Island Homes (Peter Savio) purchased Newtown Square with plans to convert this 3-story multi-use building into medical office condominiums. Savio also plans to build an additional 4 or 5-story building which will include 45,000 square feet of medical office space and 300-400 parking stalls on property. "Many mainland cities are starting to see an increase of doctors establish their own businesses in office condos because they recognize the value in earning equity and investing in their practice," said Mark D. Bratton of Colliers International, who represented Kamehameha Schools in the sale.

 

With more than half of the existing tenants being medical related and located less than 1.5 miles from Pali Momi Medical Center, Colliers strategically marketed the building to investors with an interest in medical office buildings and to partial owner-users. Newtown Square will be the first and only fee simple office condominium project in Leeward Oahu, thus providing a truly unique opportunity for medical professionals in the area. The physicians will benefit from the existing dense population in the surrounding area as well as the ever growing housing population from the west. The future condo owners will also benefit from its close vicinity to Pearlridge Center, the 1.2 million square foot regional mall and the largest enclosed shopping center in the State.

 

Newtown Square was sold after Kamehameha Schools determined that it was a non-strategic property within their portfolio. A year ago, Kamehameha School decided to sell a couple of their properties allowing them to focus on their major developments in the Kakaako, University, and Kalihi areas.

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