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JV Buys Raw Industrial Land for Improvement, Resale

OAHU, HI-A joint venture of HG Capital, Lokahi Ventures and RSF Partners acquires 54 acres in the Kapolei Business Park here with plans to subdivide, add infrastructure and retrade.

By Brian K. Miller | Updated on September 22, 2005

OAHU, HI-A trio of investors have acquired 54 acres of industrial-zoned land in the Kapolei Business Park for $23 million. The joint venture of HG Capital, Lokahi Ventures and RSF Partners plans to subdivide it into 60 pieces, add infrastructure and then sell to users and developers on a fee simple basis.

Kapolei is a 32,000-acre master-planned city located 20 miles west of Downtown Honolulu. The property, which constitutes the entire second phase of the park, sits adjacent to the Kalaeloa/Barbers Point Harbor and the James Campbell Industrial Park. Scott Mitchell and Guy Kidder from the Honolulu office of Colliers Monroe Friedlander brokered the deal.

HG Capital is the lead investor, having invested $7 million in equity to the acquisition, which was closed with a land loan from the Bank of Hawaii. HG officials say the region’s strong growth and the overall shortage of available industrial-zoned land in Hawaii was the impetus for the purchase.

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