BlackSand Capital Buys Waikiki Galleria Tower in Honolulu for $270 Million

by Julia Sanders

Honolulu — BlackSand Capital has acquired Waikiki Galleria Tower, a 15-story office and retail property on Kalakaua Avenue in Honolulu, for $270 million. The seller, 2222 SPE LLC, an affiliate of Sanno USA, originally bought the asset from Honolulu-based The Mills Group in December 2011 for $187.1 million. BlackSand Capital plans to redevelop the property’s two-story, 75,000-square-foot retail component, which was most recently occupied by DFS Group’s T Galleria. DFS declined to extend its lease on the space, which it had occupied since 1999.

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