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Feb. 25, 2013

Bank of Hawaii Waikiki Center Changes Owners

By Adriana Pop, Associate Editor

Shoei USA Inc. has acquired the Bank of Hawaii Waikiki Center from Honolulu-based Pacific Office Properties Trust Inc. and its Mainland partner. According to the Pacific Business News, NAI ChaneyBrooks represented the buyer in the transaction. Financial terms were not disclosed.

Located at 2155 Kalakaua Ave., near the Waikiki Beach Walk, this landmark nine-story property offers more than 150,000 square feet of office and retail space, along with 219 parking stalls. Its tenants include Bank of Hawaii, Starwood Hotels & Resorts, Aston Hotels, JTB Hawaii, 7-Eleven and Teddy Bear World.

Last May, the tower’s former owners put the property on the market for $38 million. Larry Taff, president & CEO of Pacific Office Properties, told the newspaper that the company’s partner, a group of Mainland investors, had an 83 percent interest in the building.

Pacific Office Properties owns 21 office properties in Hawaii and Southern California, including interests in 16 joint ventures comprising 4.3 million rentable square feet. The company’s holdings in Honolulu include the Waterfront Plaza and the Davies Pacific Center downtown.

In regional news, construction on the infrastructure of the Ilima at Leihano senior-living community in Kapolei is currently underway. The Pacific Business News reports that the project is being developed by Kisco Senior Living, a Carlsbad, Calif.-based company.

Construction on the first building of the new community could begin later this year. The 78,000-square-foot facility will be built on three-and-a-half acres and will include 84 independent- and assisted-living units, as well as a memory-care wing. The overall cost of this phase of the project amounts to $26 million.

Kiewit Building Group Inc. is the project’s general contractor, while Wilson Okamoto Corp. is in charge of engineering work. Group 70 International is the building’s designer, and Belt Collins is the landscape architect.

Mitch Brown, chief development officer for Kisco Senior Living, told the newspaper that the units will be rented on a monthly basis. The developer is currently seeking partners to build medical office and clinic space, as well as a retail portion and a hotel on the rest of the project’s 20 acres that is available for development.

Photo credits: www.pacificofficeproperties.com