Photo courtesy of CBRE Hawaii
Photo courtesy of CBRE Hawaii

HONOLULU, HAWAII – CBRE Hawaii and CBRE’s National Retail Investment Group-West announced the completed sale of the Waianae Mall located at 86-120 Farrington Highway in Waianae.  The retail center is the only one of its kind on the entire Leeward Coast of Oahu, and consists of 11 buildings housing 43 tenants in 170,275 square feet of retail space on 15.62 acres. Major tenants of the Waianae Mall include anchor tenants Longs Drugs and City Mill.  The property sold to TNP Acquisitions, a real estate investment trust, for $25.688 million.  The seller was 3D Investments.

In connection with its purchase, the Buyer assumed a conduit-style loan of approximately $20,700,000 with an interest rate of 5.39%, due November 2017.

“This acquisition by a mainland investor, is a vote of confidence in the fundamental soundness of  the commercial real estate market and retail market in Hawaii.” said Joseph Haas, senior managing director, CBRE Honolulu office.  “It also demonstrates the ability of the CBRE platform to successfully introduce the Hawaii real estate market to mainland investors.”

“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,” said Phil Voorhees of CBRE, who led the team of brokers in the sale.  “The center accounts for nearly 10 percent of the commercially zoned land in Waianae and does not fall within the Special Management Area, unlike most of the western coastline of Oahu, which allows for easy redevelopment or expansion of the center.”

The brokerage team represented both the buyer and the seller in the transaction, and included Scott Gomes, Phil Voorhees, Todd Goodman, and Patrick Toomey.

REPORT BY CB Richard Ellis, a Fortune 500 and S&P 500 company headquartered in Los Angeles and the world’s largest commercial real estate services firm (in terms of 2009 revenue).

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