Parallel Capital to Manage 1 MSF Honolulu Portfolio
- May 08, 2019
Parallel Capital Partners Inc. has taken over a $300 million, 1 million-square-foot portfolio consisting of both commercial and retail properties in Honolulu. CBRE’s Serena Longo, supported by Jack Roney, will be retained to oversee leasing.
Additionally, the San Diego-based company has named Steven Sullivan, ex-vice president of operations at The Shidler Group, as its new regional vice president for the Hawaii market.
Parallel will now be responsible for the day-to-day management and leasing oversight for Waterfront Plaza, a 550,000-square-foot office building located at 500 Ala Moana Blvd., and the 375,000-square-foot Davies Pacific Center, an office property located at 841 Bishop St. In addition, the company will handle leasing for Waikiki Marketplace, a 63-year-old retail center at 2330 Kalakaua Ave., and King Kalakaua Plaza, located on Kalaimoku St.
“Davies Pacific Center and Waterfront Plaza are both high-profile, extremely well-located, strategic long-term assets in the Honolulu office landscape,” Jim Ingebritsen, Parallel Capital Partners’ managing partner & president, told Commercial Property Executive. “I am not sure there are too many more favorably positioned office properties in the Honolulu CBD.”
The firm plans to enact a large renovation program on the office properties. For Davies Pacific Center, the expectation is to complete the current elevator modernization and then focus on common areas, adding additional lighting, digital directories, enhanced wayfinding and tenant identification. For Waterfront Plaza, Parallel Capital Properties will continue what’s been started over the last several years.
“The first floor at Waterfront has slowly pivoted away from being populated solely by retailers towards an increasing number of medical uses and we expect that to continue into the future,” Ingebritsen says. “There will be some new color additions in the interior courtyards between the buildings, improved wayfinding signage for this seven-building compound and what we expect to be an enhanced tenant experience as we continue to upgrade the food and beverage options available on-site.”
Parallel and The Shidler Group have a relationship that goes back more than three decades, so adding Sullivan to the team made sense. Together, the two companies have helped direct the acquisition and subsequent operations of more than 1.8 million square feet of high-profile Honolulu commercial real estate.
In his new position, Sullivan will be charged with working closely with Parallel’s senior leadership, property management and leasing and acquisition teams to increase the firm’s value creation and risk management efforts in the region.
In November, Parallel Capital Partners sold the Inspire Portfolio, a 319,000-square-foot group of office and laboratory buildings in San Diego for $112 million, six years after buying the properties.