BY WALLY ZIMMERMANN – HONOLULU – CB Richard Ellis has announced that it is selling industrial parcels located in Kapolei’s Malakole Industrial Park on behalf of new ownership at asking prices starting from $20 per square foot, making the property the least expensive industrial land and business park available in this prime market area.
Along with the new owners, Hawaii- based developer Jon Gomes Development is providing development and project management. CB Richard Ellis is represented by Peter Grossman, Trent Thoms and Ryan Sakaguchi. Rick Rosenberg represents the current ownership of Malakole Industrial Park, a joint venture managed by an affiliate of Los Angeles-based Commonwealth Opportunity Capital.
“This is a great opportunity for business owners to purchase prime industrial land at a very low cost basis in a low interest rate environment,” said Peter Grossman of CB Richard Ellis. “The asking price is an indication that the property’s new ownership will be active in selling great real estate in a solid market location. Additionally, the $20/psf price point is less than half of some of the most recent recorded industrial land sales in the area.”
Located near Campbell Industrial Park at the corner of Kalaeloa Boulevard and Malakole Street, the 66-acre property is offered with all utilities (including sewer) available to the lots. “Malakole Industrial Park offers the best of all worlds from an Industrial and business user’s perspective. It is one of the only industrial parks currently offering infrastructure combined with less restrictive design and use guidelines,” said Trent Thoms of CB Richard Ellis. The property can be divided into multiple units and configurations, and sold in two project phases.
The first phase currently consists of five units. The second phase will offer larger units, ideal for both users and developers. There are already several buyers in escrow on units in phase one.
About CB Richard Ellis CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2009 revenue). The Company has approximately 29,000 employees (excluding affiliates), and services real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company for three years in a row. Please visit – the Web site at http://www.cbre.com