Voit Acquires 200,000 SF in Hawaii

HONOLULU-GE Capital has sold a 200,000-sf multi-tenant industrial building here to Voit Development Co. for between $4.7 million and $4.8 million. The building is 97% leased,, which is par for the market.

The $23.75 per sf purchase price reflects the fact that the building sits on a ground lease that has 24 years remaining, says Voit EVP/COO David Allison. As well, GE Capital required that escrow take less than 30 days.

Tenants include pharmaceutical distributors McKesson and Amerisource Bergen, and Hilo Hattie, the largest retail source for Hawaiian and island lifestyle products. “The combination of competitive financing, a strong tenant roster and a tight industrial market created a package that made sense,” says Allison.