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Lexington Buys Honolulu Super Block

HONOLULU-The New York City-based REIT acquires a Downtown block of low-rise buildings here totaling approximately 300,000 sf for $34.7 million.

By Brian K. Miller | Updated on December 26, 2006

HONOLULU-Lexington Corporate Properties Trust has acquired fee simple interest in a Downtown super block here that holds four low-rise mixed-use buildings totaling approximately 300,000 sf and a five-story parking garage. The New York City-based REIT paid Campbell Hawaii Investors LLC and Austin Interests $34.7 million for the 79,461-sf parcel, which borders the Fort Street pedestrian mall.

The buildings are currently 97% occupied under leases that expire at the end of 2012. One of the buildings and the parking garage are partially owned by its tenant, Macy’s, which operates an 85,610-sf department store in the building. Lexington acquired a leasehold position in the Macy’s department store in December 1996 for approximately $10.6 million.

“Through our leasehold investment in Macy’s department store, we have been witness to the growth of the Downtown Honolulu market and the corresponding increase in property values,” says Lexington EVP John Vander Zwaag, who describes the opportunity to purchase prime property in Downtown Honolulu as “rare.”

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