Hawaii

Hoomaka-Marketplace-Kapolei-HI

Kapolei, Hawaii — KZ Companies has broken ground on Ho’omaka Marketplace, a retail development located at the corner of Kapolei Parkway and Kualakai Parkway in Kapolei. Longs Drugs, HELE Gas, Chick-fil-A and 7-Eleven will anchor the 45,737-square-foot shopping center. The property will feature units ranging from 954 square feet to 4,008 square feet, plus a 15,000-square-foot anchor pad. Ho’omaka Marketplace is designed to provide an economic future for native Hawaiians who live in Kapolei, according to KZ Companies All money generated through the ground lease proceeds will benefit Kapolei Community Development …

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Gantry-Hawaii

Honolulu — Gantry has secured $65 million in permanent financing to recapitalize a portfolio located on Oahu. The two financed properties are Hanua Logistics Center, a recently completed 226,850-square-foot Class A warehouse facility, and Honolulu Design Center, an 80,000-square-foot retail center. Murphy Osborne of Gantry’s San Francisco office arranged the funding on behalf of the borrower, a private investor. Bank of Hawaii provided the financing, which features a 15-year term, including a significant interest-only period transitioning to 30-year amortization.

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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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Hawaii — A subsidiary of Realty Income Corp. has acquired a 21-property gas station/convenience store portfolio located throughout Hawaii. Par Pacific Holdings sold the portfolio in a fee-simple sale-leaseback transaction for $109.4 million. The portfolio includes 12 properties in Oahu, two facilities on Kauai, four properties on Maui and three properties on the island of Hawaii. The transaction also included a new master lease agreement to lease back the sites on a triple net basis. D. Andrew Ragsdale, Ken Hedrick, Jerry Hopkins, Kristian Neilson and John Curtis of Newmark’s Net …

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Lihue, Hawaii — Target has signed a deal to open a storefront at Kukui Grove Center’s Kukui Marketplace on Kauai’s Lihue. The retailer will occupy a 122,000-square-foot space, which is under renovation, that was formerly occupied by Kmart. JLL represented Kukui Grove Center in the lease negotiation.

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Kona, Hawaii — The Davies Group at Los Angeles-based George Smith Partners has arranged both a $51.7 million senior construction loan and $16.2 million in mezzanine debt for the ground-up development of Niumalu Marketplace, a shopping center in Kona. The borrower is Commercial Real Estate Development Enterprise (CREDE). Safeway will anchor the 204,275-square-foot retail property, which is slated for completion by fourth-quarter 2020. Malcolm Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis, Aiden Moran and Maxwell Shedlosky of George Smith Partners facilitated the transaction. Centennial Bank provided the construction …

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Waikiki, Hawaii — An entity controlled by LVMH Moet Hennessey Louis Vuitton and Mockingbird Interests Waikiki LLC has purchased two commercial units located at 2181 Kalakaua Ave. in Waikiki. The Hawaii-based Moore family trust sold the retail assets for $72 million. Bryan Ley of JLL, in collaboration with Avalon Commercial, represented the sellers in the deal. Cushman & Wakefield, with Sofos Realty Corp. as a local partner, originally listed the property in July 2017 with no asking price. The two units are currently occupied by Quiksilver and First Hawaiian Bank, …

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