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515,250-SF Waterfront Plaza Fetches $71M

HONOLULU-Acquired by the Shidler Group of San Diego, the seven-building commercial complex here includes 415,000 sf of office space and 90,000 sf of restaurant and retail space that is 97% leased.

By Brian K. Miller, Connie Gore | Updated on August 02, 2004

HONOLULU-The leasehold interest to 515,250-sf Waterfront Plaza office and retail complex here changed hands for $70.9 million. The 97% leased development contains 415,250 sf of office space and 90,000-sf of shop and restaurant space in seven five-story structures at 500 Ala Moana Blvd. The new owner is the Shidler Group of San Diego.

The seller was One Waterfront, LLC, a partnership between Michigan-based Kojaian Management Corp. and its New York City-based partners Witkoff Group and Lehman Bros. The partnership, led by Grubb & Ellis chairman C. Michael Kojaian, bought Waterfront Plaza less than four years ago for $47 million and spent $1.7 million upgrading and leasing the property.

Shidler Group partner Matt Root says the appreciation in Honolulu commercial properties over the past few years demonstrates the strength of the market and the dramatic return to health of the Hawaiian economy after a several-year recession. “Hawaii is now one of the hottest markets in the nation for commercial property,” he says. Crediting defense-related spending for the strong showing, he says “we are cautiously optimistic that it will translate into greater values down the road. We see Honolulu as a recovering market.”

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