HONOLULU-CBRE today announced the completed sale of two, class A self storage facilities, located at 1414 Kalakaua Street in Honolulu, Hawaii, and 620 California Ave. in Wahiawa, Hawaii. The facilities were purchased by Extra Space Storage, Inc., a publically-held storage REIT, in an all-cash sale with a total purchase price “approaching $30 million.”

Hugh Horne, of CBRE's Self Storage Advisory Group, along with Steve Keil of CBRE Honolulu, completed the sale on behalf of the Orange County, Calif.-based seller, Jupiter Holdings LLC.
“Extra Space Storage had targeted the Hawaii market, and particularly Honolulu, as a market where they needed to grow. We were very pleased to help them accomplish a larger footprint by acquiring one of the premiere storage facilities in the state,” says Horne. “There had been quite a bit of development several years ago which softened the rental market in Hawaii; however, the market has turned a corner and is poised to experience favorable operations moving forward. The rental rates in Honolulu are some of the most dynamic in the country, comparable to West Los Angeles or Manhattan.”