CBRE Sells Hawaiian Mall for $27.5M
- Jul 01, 2010
July 1, 2010
By Allison Landa, News Editor
CBRE Hawaii and CBRE’s National Retail Investment Group – West have announced the completed $25.7 million sale of the Waianae Mall on the Hawaiian island of Oahu.
The retail center consists of 11 buildings housing 43 tenants in 170,275 square feet of retail space, with major tenants including Longs Drugs and City Mill. It is located on a 15.62-acre lot.
Real estate investment trust TNP Acquisitions purchased the mall from 3D Investments. In connection with the purchase, TNP assumed a $20.7 million loan with an interest rate of 5.39 percent, due November 2017.
“Part of the appeal of this center is its coastal location and lack of competition in the market, which together created a very rare investment opportunity,” Phil Voorhees of CBRE said when announcing the news. He added that the mall accounts for nearly 10 percent of the commercially zoned land in Waianae and does not fall within a special management area, making it simpler to redevelop or expand the property.
Both buyer and seller were represented by the CBRE brokerage team, which included Scott Voorhees, Scott Gomes, Todd Goodman and Patrick Toomey.