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Alexander & Baldwin Sells Luxury Condominiums at The Collection in Honolulu

12 May 2015, 5:04 am

By Adriana Pop, Associate Editor

The Collection Luxury Condominium Complex in Kakaako, Honolulu

Alexander & Baldwin Inc.’s The Collection condominium project, currently under construction in the city’s Kakaako neighborhood, has pre-sold 94 percent of its units. Most of the new residences have been purchased by local buyers, the Honolulu-based company announced.

Upon completion in late 2016, the $200 million multi-phase development will produce a 43-story high-rise with 397 two- and three-bedroom luxury condos priced from the low $600,000s. Amenities will include a swimming pool, a spa, barbecue dining pavilions, a fitness center and entertainment rooms.

Plans also call for a mid-rise building with 54 condominiums called The Lofts @ The Collection. These units, priced from the mid-$300,000s, sold out in less than one day last August. Another component of The Collection will bring 14 urban townhomes, as well as 13,000 square feet of commercial space for shops and restaurants.

Construction on the project, which is rising on the former CompUSA site at 600 Ala Moana Blvd., began last October. That same month, according to the Pacific Business News, Alexander & Baldwin’s real estate subsidiary paid $23 million to acquire the 3.3-acre parcel from Kamehameha Schools.

A&B is one of the largest landowners in Hawaii, with a 144-year history in the islands. Its other high-rise condominium developments in Honolulu include Keola Lai, which opened in 2008, and the recently completed 340-unit Waihonua at Kewalo, which sold out in January.

In its first quarter earnings report for 2015, the company announced a profit of $25.3 million, down from a profit of $35 million in the same quarter last year. Meanwhile, revenue for first quarter 2015 was $150.7 million, up from $94.8 million in the first quarter of last year.

Photo credit: A&B Properties

TIAA-CREF Buys Stake in Hawaii’s Largest Shopping Mall

6 May 2015, 3:31 am

By Adriana Pop, Associate Editor

In a $454 million deal, TIAA-CREF has acquired a 12.5 percent equity interest in Honolulu’s Ala Moana Center from General Growth Properties Inc. (GGP).

The center, which totals approximately 2.2 million square feet of retail and office space, ranks as the largest shopping mall in Hawaii. With more than $1,350 worth of tenant sales per square foot, Ala Moana Center is also one of the world’s most productive retail assets. The property is currently undergoing a redevelopment, which will bring another 660,000 square feet of space. The upcoming additions will be anchored by Bloomingdale’s first store in Hawaii and Nordstrom, which will be relocating within the center. The mall features more than 280 first-class tenants, including Neiman Marcus, Macy’s, Apple, Cartier, Chanel, Ben Bridge, Bottega Veneta, Harry Winston, Hermes, Louis Vuitton, Miu Miu, Prada and Tiffany.

Following the sale, GGP now owns a 62.5 percent equity interest in Ala Moana Center.

Earlier in March, as reported by the Pacific Business News, the Chicago-based company sold a 25 percent ownership stake in the Honolulu property to AustralianSuper for about $907 million.

“This investment represents the opportunity to acquire an interest in one of the highest-performing retail assets in the world,” Mike Fisk, senior director of regional mall acquisitions for TIAA-CREF Global Real Estate, said in a news release. “Our research points toward positive indications for regional mall performance, due to a modest new supply pipeline, expected high productivity for top-quality malls and anticipated NOI growth via re-leasing opportunities.”

GGP and New York-based TIAA-CREF, the largest manager of institutional tax-exempt real estate assets in the United States, are also partners in the Grand Canal Shoppes in Las Vegas.

Photo credit: www.enoa.com

Kauai’s Aston Aloha Beach Hotel to Reopen as Hilton Garden Inn by Early 2016

29 Apr 2015, 4:46 am

By Adriana Pop, Associate Editor

Hilton Worldwide has signed a franchise license agreement with the owners of the Aston Aloha Beach Hotel in Kapaa, on the east coast of Kauai, to convert the property into a Hilton Garden Inn.

The 216-room beachfront lodging facility will undergo renovations. When it reopens in early 2016, it will be the only Hilton-branded property on Hawaii’s Garden Island.

The hotel is owned by Aloha Beach Partners LLC, an entity led by DiNapoli Capital Partners, and managed by Aston Hotels & Resorts, which will maintain its role once the refurbishment process is complete.

Like all other Hilton Garden Inn properties, the revived five-building resort will offer a variety of high-end amenities and services, including complimentary Wi-Fi, a 24-hour business center with remote printing, a state-of-the-art fitness center, an indoor pool and approximately 5,000 square feet of flexible meeting space. Guests will also be able to enjoy the brand’s signature features, such as the pressure-reducing “Garden Sleep System” bed, ergonomic desk chair, LCD high-definition flat-screen television, work desk, as well as a “hospitality center” featuring a mini refrigerator and Keurig single-cup coffee brewer in every room.

According to the Pacific Business News, the hotel is the second Hilton Garden Inn announced for Hawaii. In March, the 659-key Ohana Waikiki West in Honolulu closed for renovations; it is scheduled to reopen under the Hilton brand in February 2016.

“Hilton Worldwide continues to experience a period of incredible growth, both domestically and internationally, as one of the industry’s largest and fastest growing hospitality companies,” Bill Fortier, senior vice president of development – Americas for Hilton Worldwide, said in a news release. “Hilton Garden Inn is the ideal mid-market brand for developers and consumers alike, and we look forward to bringing the brand to life in Kauai, a key market with potential for development.”

Photo credit: www.astonalohabeachhotel.com

Hilton Hawaiian Completes Renovation of 380-Key Diamond Head Tower in Waikiki

20 Apr 2015, 12:24 am

By Adriana Pop, Associate Editor

Hilton Hawaiian Village Waikiki Beach Resort has officially wrapped up the six-month, $21 million refurbishment of its 17-story Diamond Head Tower in Waikiki.

The renovation brought improvements to the hotel’s 380 guest rooms and suites, corridors and lobby.

Indigenous-inspired artwork combined with natural tones and textures provide a distinct Hawaii sense of place throughout the property. All rooms, including eight suites and 48 junior suites, offer amazing views of the Pacific Ocean, as well as resort views overlooking the village’s lush, tropical gardens. Amenities include a lanai or Juliet balcony, a bar area with fridge and coffee maker, a desk, a flat-screen TV, as well as an in-room safe.

Hilton Hawaiian retained locally based Nan Inc. as the project’s general contractor, while Rider Levett Bucknall managed construction. Also, Philpotts & Associates, headquartered on Oahu, handled the interior design, and Pacific Asia Design Group was the architect.

“The new Diamond Head tower is one of the best values on Oahu as far as accommodations go,” Jerry Gibson, area vice president of Hilton Hawaii, said in a news release. “It’s a new product with all the amenities of Waikiki’s only true destination resort — Hilton Hawaiian Village — in one of the most desired, oceanfront locations in Hawaii.”

The 22-acre Hilton Hawaiian Village is the largest resort in Waikiki, offering direct access to the white-sand Duke Kahanamoku beach. It also features five swimming pools and waterslides, a salt-water lagoon, a full-service spa, live shows, more than 90 shops and services, as well as 20 restaurants, lounges and bars.

By early 2017, the resort will also welcome the Grand Islander, a 37-story, 418-unit luxury time-share tower currently under construction.

Photo credit: news.hilton.com

Commodore Waikiki Condo Project Hits Market

13 Apr 2015, 4:53 pm

By Adriana Pop, Associate Editor

Sales have been launched at the Commodore Waikiki, a new low-rise condo conversion that overlooks the Ala Wai Canal in Honolulu.

According to the Pacific Business News, the project has been developed by husband-and-wife team Mary Pattee and Rodney Howard, the former owners of Staffing Solutions of Hawaii. Through an entity called Commodore LLC, the developers purchased and transformed an old rental apartment complex at 1880 Kahakai Drive in Waikiki into a for-sale condominium project. In 2006, they invested $6.5 million into the acquisition of the property, which was built in the late 1940s by the U.S. Army Corps of Engineers to provide housing for naval officers. Another $3.5 million went into its refurbishment.

The four-story, two-building Commodore Waikiki now features a mix of 43 one-bedroom, two-bedroom and penthouse units priced from $280,500 to $549,000 on a fee simple basis. There are four two-bedroom penthouses ranging from 450 to 1,188 square feet and six two-bedroom condos ranging from 589 to 592 square feet, with the remaining one-bedroom condos ranging in size from 392 to 408 square feet. All of the units offer an open living concept, along with a variety of interior amenities.

The property, which also offers 13 parking spaces for sale at $60,000 per stall, is located between the Hawaii Convention Center and Ala Moana Shopping Center, just minutes away from Ala Moana and Magic Island beaches. Coldwell Banker Pacific Properties of Honolulu is the broker.

“The one-way in-and-out loop street allows for a more serene, quiet environment yet also offers a five-minute walk to the beach, restaurants, Ala Moana Center and Waikiki nightlife. As such, we anticipate our buyers will include young families, professionals and empty-nesters,” Tracy Allen, realtor-associate & vice president of Coldwell Banker Pacific Properties, said in a news release.

Photo credit: www.commodore-waikiki.com

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