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Rockbridge Capital Acquires Aqua Wave Waikiki Hotel for $48M

27 Jan 2014, 5:32 am







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By Adriana Pop, Associate Editor

Ohio-based private equity firm Rockbridge Capital has purchased the Aqua Wave Waikiki hotel in Honolulu from Ramsfield Hospitality Finance’s CR Wave LLC. According to the Pacific Business News, the leasehold property at 2299 Kuhio Ave. sold for $48 million.

Located at the center of many new developments in Waikiki, the pet-friendly lodging facility offers 247 guest rooms and 39 suites ranging in size from 328 to 511 square feet. Amenities include a concierge/activity desk, a fitness center, retail shops, two restaurants and two meeting and event spaces.

The acquisition marks Rockbridge Capital’s first venture in Hawaii and its 330th hotel investment.

Richard Mandel, president of Ramsfield Hospitality Finance, told the newspaper that the hotel, which was listed by the Los Angeles office of Jones Lang LaSalle, attracted a lot of interest from investors all over the world.

Ramsfield Hospitality acquired the property in 2006 for approximately $40 million and made significant improvements, bringing it to a three-star level.  

Aqua Hospitality will continue to manage the hotel, whose average daily rate rose 21 percent in 2012 and another 28 percent year-to-date through March 2013.

In other news, Laie Ventures LLC is about to break ground on a new Courtyard by Marriott hotel in Laie on Oahu’s North Shore.

Slated to rise at the site of the former Laie Inn, on land leased by Hawaii Reserves Inc., the property will feature 144 guest rooms, as well as an upscale pool, bistro and meeting space.

To make room for the new development, a McDonald’s restaurant and a Chevron gas station are being relocated to the opposite end of the 9.5-acre property.

“The hotel will be a great asset for the community, and we anticipate a mobilization and groundbreaking in the next several weeks,” Dan Gifford of Laie Ventures said in a statement.

Photo credits: www.rockbridgecapital.com



Tennessee Billionaire Acquires Over 3,000 Acres of Land on Kauai

20 Jan 2014, 4:44 am







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By Adriana Pop, Associate Editor

Tennessee billionaire Brad Kelley recently purchased more than 3,000 acres of agricultural land on the island of Kauai, the Pacific Business News reports.  Lihue-based Grove Farm Co., which is owned by AOL founder Steve Case, sold the property for an undisclosed amount. The land is located in the Puhi area of Lihue.

Biotechnology company Dow AgroSciences LLC of Indiana, owned by Dow Chemical Co., is among the current tenants.

According to Charlie Anderson, principal broker of Hawaii Pacific Brokers LLC, Kelley’s investment is a smart decision. “I think a lot of people are thinking land is a good place to put your money,” he told the newspaper. “I think smart people are land banking, and what better place to have a low cost holding and get income on it than Hawaii.”

Brad Kelley is one of the largest private landowners in the United States, with properties totaling more than 1.5 million acres of ranch lands in Kentucky, Tennessee, New Mexico, Florida and Texas. With a fortune of $2 billion, the 57-year-old Kentucky native also ranks at No. 273 on the Forbes 400 list.

Grove Farm, which is the 10th largest landowner in Hawaii and third largest on Kauai, recently partnered with eBay founder and billionaire Pierre Omidyar for the development of an approximately 580-acre grass-fed dairy farm on the south side of the Garden Isle.

In other news, the Hawaii Community Development Authority has approved the scaled-back version of California developer Franco Mola’s 803 Waimanu St. condominium tower in Kakaako.

According to the Pacific Business News, the proposed project consists of a 65-foot, seven-story building with 153 market-priced residences, including studios and one- and two-bedroom units. Plans also call for a mechanized ground-floor parking garage with 92 spaces.

MJF Development Corp., the company behind the project, had initially applied for the construction of a 250-foot tower with 217 workforce units. The proposal was withdrawn last July.

Photo credits: Julius Silver via Wikimedia Commons



Terramar Pays $99.5M for Safeway-Anchored Shopping Center in Ewa Beach

13 Jan 2014, 2:20 pm







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By Adriana Pop, Associate Editor

In a $99.5 million deal, California-based Terramar Retail Centers has purchased the newly developed 223,000-square-foot Laulani Village Shopping Center in Ewa Beach, Oahu, from Property Development Centers, a subsidiary of Safeway Inc.  

Located on approximately 20 acres at the center of the Ewa Beach residential neighborhoods, the property is anchored by a 60,000-square-foot Safeway, with a 33,000-square-foot City Mill super-hardware store, both of which opened in 2012. 

Currently 89 percent leased, Laulani Village also features 35 shops and restaurants, including Petco, Ross, Walgreens, Starbucks, Panda Express and Teddy’s Bigger Burger. Additional stores are slated to open in 2014.

CBRE Group Inc. charged with management of the retail center, while Jones Lang LaSalle Inc. will continue to handle leasing.

“This is a strategic, quality addition to Terramar’s retail portfolio. Grocery-anchored centers like Laulani Village are solid, long-term performers and a top target as we continue an aggressive expansion of our portfolio,” Steve Bowers, president & CEO of Terramar Retail Centers, said in a prepared statement. “The Ewa Beach area is experiencing prolific growth, with very strong demographics and a large customer base.”

Founded in 1996, Terramar currently owns and operates 24 neighborhood, community, specialty and power centers totaling more than 3.6 million square feet in the Western United States.

In other news, the Pacific Business News reports that Alexander & Baldwin Inc. has sold several retail and industrial assets on the Mainland and in Hawaii for a total of $330 million. The portfolio includes the Maui Mall in Kahului, the Activity Distribution Center and Rancho Temecula in California, the Savannah Logistics Park in Georgia, the Heritage Business Park in Texas, and Broadlands Marketplace and Meadows on the Parkway in Colorado.

The Honolulu-based company is using the proceeds to fund its $373 million purchase of Kaneohe Ranch and the Harold K.L. Castle Foundation’s Windward Oahu real estate portfolio. First announced in November, the acquisition closed on Dec. 20.

Photo credits: Terramar Retail Centers



Developers Plan Second Luxury Condo Complex at Ala Moana Center in Honolulu

21 Dec 2013, 6:59 am








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By Adriana Pop, Associate Editor

An ultra-luxury condominium complex is slated to rise on the makai (ocean side) parking lot of Ala Moana Center in downtown Honolulu.

According to the Pacific Business News, local investment firm BlackSand Capital and the mall’s owner, General Growth Properties, have partnered with The MacNaughton Group and Kobayashi Group to develop the 200-unit project, which has an estimated cost of $500 million.

The new residential community will feature seven mid-rise residential buildings stretching from Piikoi Street to the Neiman Marcus department store along Ala Moana Boulevard.

The size of the residences, which will offer amazing ocean views, private pools and gardens, will range from 850 square feet for a one-bedroom unit to 6,000 square feet for a five-bedroom penthouse. Plans also call for 2.5 floors of commercial parking for each of the buildings.

“This distinct concept will make a significant statement in the landscape of Hawaii’s residential development business,” Ian MacNaughton, a principal with the development team, told The Honolulu Star-Advertiser. “The community will establish a new global standard for luxury residential living without compromising any of Hawaii’s understated authenticity.”

Construction, which is expected to create more than 300 jobs, will begin in mid-2014. Upon completion in 2016, the project will bring the second condo complex at Hawaii’s largest mall.

General Growth, the MacNaughton Group, the Kobayashi Group and the Howard Hughes Corp. are currently building a 206-unit ultra-luxury condominium tower called ONE Ala Moana (pictured) on the mauka (mountain) side of Ala Moana Center, atop Nordstrom’s parking garage. Slated for completion toward the end of 2014, all residences have been sold, with prices ranging from $500,000 for a one bedroom to about $9 million for a penthouse.  

Photo credits: www.onealamoana.com



Downtown Capital Gains State Agency Approval for Second Condo Tower on Former Honolulu Advertiser Site

16 Dec 2013, 6:38 am







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By Adriana Pop, Associate Editor

The Hawaii Community Development Authority (HCDA) has approved the construction of a second affordable condominium high-rise on the site of the former Honolulu Advertiser building in Kakaako. The back portion of the facility will be demolished to make room for the new development.

According to the Pacific Business News, Marshall Hung’s Downtown Capital L.L.C. is planning to build a 410-unit residential tower with one-, two- and three-bedroom condominiums. Plans also call for a 10-story parking garage, the newspaper reports.

The first tower slated to rise at the site will bring 635 affordable condominiums, which have already sold out. Upon completion in 2015, the $400 million, 46-story high-rise at 801 South St. will offer a mix of studio, one- and two-bedroom units. The project is expected to create 350 construction jobs.

In 2012, Downtown Capital L.L.C. acquired the former Honolulu Advertiser building from Gannett Co. for $23 million. For the past few years, CBS Productions had been using the facility as a sound stage for the “Hawaii Five-0” television series.

In other news, the Pacific Business News reports that the HCDA has also green-lighted Stanford Carr Development’s plan to take over an affordable senior rental project near Ala Moana Center in Kakaako.   

The new 72-unit development at 404 Piikoi St. is intended to satisfy Alexander & Baldwin Inc.’s affordable housing requirement in return for maximizing the density of the 43-story Waihonua at Kewalo condominium tower currently under construction in the same part of the city.

“Essentially, A&B had a partner who could not get financing for the project,” Anthony Ching, executive director of the Hawaii Community Development Authority, told the newspaper.

Stanford Carr’s other developments in Kakaako include the 204-unit Halekauiwila Place affordable rental project and the 600-unit Keauhou Lane residential tower, which is part of Kamehameha Schools’ master plan for the neighborhood.  

Photo credits: Downtown Capital L.L.C.







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