Alexander & Baldwin says The Collection condo project in Honolulu is nearly sold out

COURTESY IMAGE Honolulu real estate company Alexander & Baldwin Inc. announced plans to develop the former CompUSA site on Ala Moana Boulevard into a condo tower complex called The Collection, which will also include retail shops and restaurants. It's one of three development projects on Kamehameha Schools Our Kakaako master plan. A third project will to be announced Friday.

COURTESY IMAGE
Honolulu real estate company Alexander & Baldwin Inc. announced plans to develop the former CompUSA site on Ala Moana Boulevard into a condo tower complex called The Collection, which will also include retail shops and restaurants. It’s one of three development projects on Kamehameha Schools Our Kakaako master plan. A third project will to be announced Friday.

Alexander & Baldwin is reporting that most of the units in The Collection residential condominium tower and mid-rise building, now being built on the site of the former CompUSA store in Honolulu, have been sold.

The Honolulu-based company, in its earnings report released on Thursday, noted that about 98 percent of the project’s 451 tower and mid-rise units “have been sold under binding contracts.”

The 43-story condominium project, located at 600 Ala Moana Blvd. in Kakaako, includes 397 one-, two-, and three-bedroom units that are adjacent to a 4-story building that houses 54 loft-style studios, two-bedroom and three-bedroom units.

Construction on the $200 million project began in October, when Alexander & Baldwin closed on the purchase of the three-acre site from Kamehameha Schools, and is slated to be complete by late 2016.

Meanwhile, sales for the project’s 14 three-bedroom townhomes along South and Auahi streets began last month.

Darin Moriki
Reporter
Pacific Business News

Alexander & Baldwin plans no changes to newly acquired Kakaako warehouse

Alexander & Baldwin Inc., which this week closed on the purchase of a seven-story warehouse and office building in the Honolulu neighborhood of Kakaako for $39 million, plans to operate the property as industrial space for the foreseeable future.

“The investment in Kakaako Commerce Center expands our commercial portfolio focus on Hawaii,” Suzy Hollinger, spokeswoman for A&B, told PBN in an email this week. “Kakaako is an increasingly supply-constrained market given the conversion of commercial properties to residential development.”

Joe Leonardo of Honolulu-based Joseph C. Leonardo & Co. brokered the transaction for both the buyer and seller, the California-based real estate investment firm Fowler Property Acquisitions LLC.

“Kakaako is the California gold rush,” he told PBN. “That is where to place your money. I think it’s a stable asset that just has a great deal of opportunity now and in the future. The overall market for quality product is just extremely hard to find. There are right now, more buyers than sellers. Kakaako is really just the place to be.”

Located at 875 Waimanu St., the 204,000-square-foot center built in 1971 is home to roughly 45 tenants, including StorQuest Self Storage.

The property, which is located between Waimanu and Kawaiahao streets and has five floors of warehouse space, topped by a sixth floor of office space and a seventh-floor parking deck, has a total property assessed value of about $17 million, according to tax records.

The California firm bought the Kakaako Commerce Center for $15.9 million in 2003.

In 2006, Hawaii developer Peter Savio said he was buying the center, with plans to sell units as commercial condominiums. However, that deal fell through, he told PBN on this week.

Duane Shimogawa Reporter – Pacific Business News

Alexander & Baldwin buys Kakaako Commerce Center for $39M

Alexander & Baldwin Inc. has purchased a seven-story warehouse and office building in the Honolulu neighborhood of Kakaako from a California real estate investment firm for $39 million, the company said Monday.

Honolulu-based Alexander & Baldwin (NYSE: ALEX) said in a filing with the U.S. Securities and Exchange Commission on Monday that it had completed the acquisition of the 204,000-square-foot Kakaako Commerce Center, which is located between Waimanu and Kawaiahao streets and has five floors of warehouse space, topped by a sixth floor of office space and a seventh-floor parking deck.

F&F Waimanu Associates LLC, which was formed by Fowler Property Acquisitions LLC, was formerly the owner of the property that has a total property assessed value of about $17 million, according to tax records.

The California firm bought the Kakaako Commerce Center, which was built in 1971 at 875 Waimanu St., for $15.9 million in 2003.

In 2006, Hawaii developer Peter Savio said he was buying the center, with plans to sell units as commercial condominiums. However, that deal fell through, he told PBN on Monday.

An A&B spokeswoman did not immediately respond to a message left by PBN on Monday inquiring about the company’s plans for the newly acquired property.

Duane Shimogawa Reporter – Pacific Business News

Alexander & Baldwin paid $23M to buy Kakaako lot from Kamehameha Schools

This rendering shows The Collection, A&B Properties' planned 466-unit mixed-use condominium project it plans to build on the former CompUSA site in Honolulu's Kakaako neighborhood.

This rendering shows The Collection, A&B Properties’ planned 466-unit mixed-use condominium project it plans to build on the former CompUSA site in Honolulu’s Kakaako neighborhood.

Alexander & Baldwin Inc.’s real estate subsidiary paid $23 million to Kamehameha Schools to purchase the three-acre former CompUSA lot in Kakaako, the site of the Honolulu-based developer’s 465-unit mixed-use The Collection condominium project, according to public records.

In October, A&B Properties Inc. said it purchased the lot, which is bounded by Ala Moana Boulevard, and Auahi, South and Keawe Streets, from Kamehameha Schools for an undisclosed price.

The $200 million project, which is made up of three residential components — The Tower’s 397 units, The Lofts @ The Collection’s 54 units and 14 urban townhomes — began construction in October at the 600 Ala Moana Blvd. site.

The tower part of the project is more than 75 percent sold, while the lofts sold out within a day. The townhomes are expected to be on the market before the end of the year.

A&B Properties said that Hawaii residents represent 85 percent of buyers to date of the tower and loft components of The Collection.

The project is estimated to be completed in late 2016.

Duane Shimogawa Reporter – Pacific Business News

Alexander & Baldwin buys Kakaako Commerce Center for $39M

Alexander & Baldwin Inc. has purchased a seven-story warehouse and office building in the Honolulu neighborhood of Kakaako from a California real estate investment firm for $39 million, the company said Monday.

Honolulu-based Alexander & Baldwin (NYSE: ALEX) said in a filing with the U.S. Securities and Exchange Commission on Monday that it had completed the acquisition of the 204,000-square-foot Kakaako Commerce Center, which is located between Waimanu and Kawaiahao streets and has five floors of warehouse space, topped by a sixth floor of office space and a seventh-floor parking deck.

F&F Waimanu Associates LLC, which was formed by Fowler Property Acquisitions LLC, was formerly the owner of the property that has a total property assessed value of about $17 million, according to tax records.

The California firm bought the Kakaako Commerce Center, which was built in 1971 at 875 Waimanu St., for $15.9 million in 2003.

In 2006, Hawaii developer Peter Savio said he was buying the center, with plans to sell units as commercial condominiums. However, that deal fell through, he told PBN on Monday.

An A&B spokeswoman did not immediately respond to a message left by PBN on Monday inquiring about the company’s plans for the newly acquired property.

Duane Shimogawa Reporter – Pacific Business News

Alexander & Baldwin plans no changes to newly acquired Kakaako warehouse

Alexander & Baldwin, Inc. Logo. (PRNewsFoto/Alexander & Baldwin, Inc.)

Alexander & Baldwin, Inc. Logo. (PRNewsFoto/Alexander & Baldwin, Inc.)

Alexander & Baldwin Inc., which this week closed on the purchase of a seven-story warehouse and office building in the Honolulu neighborhood of Kakaako for $39 million, plans to operate the property as industrial space for the foreseeable future.

“The investment in Kakaako Commerce Center expands our commercial portfolio focus on Hawaii,” Suzy Hollinger, spokeswoman for A&B, told PBN in an email this week. “Kakaako is an increasingly supply-constrained market given the conversion of commercial properties to residential development.”

Joe Leonardo of Honolulu-based Joseph C. Leonardo & Co. brokered the transaction for both the buyer and seller, the California-based real estate investment firm Fowler Property Acquisitions LLC.

“Kakaako is the California gold rush,” he told PBN. “That is where to place your money. I think it’s a stable asset that just has a great deal of opportunity now and in the future. The overall market for quality product is just extremely hard to find. There are right now, more buyers than sellers. Kakaako is really just the place to be.”

Located at 875 Waimanu St., the 204,000-square-foot center built in 1971 is home to roughly 45 tenants, including StorQuest Self Storage.

The property, which is located between Waimanu and Kawaiahao streets and has five floors of warehouse space, topped by a sixth floor of office space and a seventh-floor parking deck, has a total property assessed value of about $17 million, according to tax records.

The California firm bought the Kakaako Commerce Center for $15.9 million in 2003.

In 2006, Hawaii developer Peter Savio said he was buying the center, with plans to sell units as commercial condominiums. However, that deal fell through, he told PBN on this week.

Duane Shimogawa Reporter – Pacific Business News

New Kaka’ako condos to go on sale

The-Collection-Artist-Rendering-with-The-Lofts-callout-jpgNew Kaka’ako condos to go on sale

HONOLULU —Developer Alexander and Baldwin just unveiled the newest phase of their Kaka’ako project dubbed the Collection.

It will include 48 one-bedroom and six two-bedroom condos with a starting price around $350,000.

“A&B Properties, Inc. is thrilled to offer these contemporary loft-style homes with both design and price set to appeal to young professionals, new families, college students, and truly anyone looking for the affordable urban-lifestyle,” said A&B Properties President Christopher Benjamin.

The project has Hawaii Community Development Authority and neighborhood board approval.

Sales will begin in the summer.

The condos will be offered for purchase without income or re-sale conditions.
Read more: http://www.kitv.com/news/new-kakaako-condos-to-go-on-sale/25849512#ixzz31oQjyrXY

ONE Ala Moana luxury high-rise expects 2014 completion date

Feb 28, 2014, 10:33am HST UPDATED: Feb 28, 2014, 11:16am HST
Duane Shimogawa Reporter – Pacific Business News

The construction scene at the One Ala Moana ultra-luxury condominium tower being built atop the Nordstrom parking garage at Ala Moana Center.

The construction scene at the One Ala Moana ultra-luxury condominium tower being built atop the Nordstrom parking garage at Ala Moana Center.

The ONE Ala Moana ultra-luxury condominium tower being built atop the Nordstrom parking garage at Ala Moana Center is expected to be completed by the end of this year with units selling for an average of $1.6 million, according to the Howard Hughes Corp., one of the development partners.

The Texas-based developer, part of HHMK Development, which also includes The MacNaughton and Kobayashi Group, provided additional details in its annual report this week.

The developers expect to invest a total of $265.1 million in the project, including construction, sales and financing costs. As of Dec. 31, they had spent $109.4 million, the Howard Hughes Corp. (NYSE: HHC) said.

The project is being financed by a $132 million construction loan, along with two $20 million mezzanine loans from List Island Properties and A&B Properties, a subsidiary of Alexander & Baldwin Inc. (NYSE: ALEX).

In December 2012, all of ONE Ala Moana’s condo units sold within the first two days on the market for an average price of $1.6 million. As of last July, the developers had collected $66.2 million in buyer deposits, representing 20 percent of contracted sales prices.

Among the amenities in the 23-story, 206-unit building are a wine-tasting room, a chef’s kitchen where residents can bring in their personal chefs, and a private salon where personal shoppers from Ala Moana Center stores can bring items to residents.

Luxury_Oahu_Estates_$2M -_$3M

Luxury_Oahu_Estates_$3M -_$4M

Luxury_Oahu_Estates_$4M -_$5M

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Luxury_Oahu_Estates_$8M – 10M

Luxury_Oahu_Honolulu_Condos

Why A&B didn’t go with a Hawaiian name for The Collection

Aug 26, 2013, 2:24pm HST

Duane Shimogawa  |  Reporter- Pacific Business News

There’s Keola Lai, Waihonua, One Ala Moana and The Collection, four Kakaako high-rise condominium projects either developed, or being developed, or financially backed by Honolulu-based Alexander & Baldwin Inc.

Alexander & Baldwin wanted to create a "new sense of place" with its Kakaako condo project by naming it The Collection, CEO Stanley Kuriyama said.

Alexander & Baldwin wanted to create a “new sense of place” with its Kakaako condo project by naming it The Collection, CEO Stanley Kuriyama said.

Note that only one, The Collection, doesn’t share a Hawaiian name like the other three.

Some in the real estate industry and others have been wondering why A&B chose to go with a name like The Collection as opposed to a Hawaiian name.

That’s why I decided to bring the topic up during a recent one-on-one interview with A&B Chairman and CEO Stanley Kuriyama.

He told me that the company’s first instinct was to go with a Hawaiian name, but they ultimately felt it was time to be different.

“[We] were trying to create a new sense of place,” Kuriyama said inside a boardroom at the historic A&B Building in Downtown Honolulu. “[It’s] a little bit of a break from our tradition, [as we tried to] create a more hip, modern, urban living environment.”

Thus far, The Collection has had a good response with buyers, with nearly 70 percent of the 397 units for the 43-story condo project already sold.

A&B plan for remains found at Kakaako condo site took more than three years

Aug 23, 2013, 2:55pm HST

Duane Shimogawa  |  Reporter- Pacific Business News

Alexander & Baldwin Inc. spent more than three years addressing the discovery of ancient human remains, or iwi, at the site of its Waihonua at Kewalo condominium project in Kakaako, according to Chairman and CEO Stanley Kuriyama.

Alexander & Baldwin Inc. spent more than three years addressing the discovery of ancient human remains, or iwi, at the site of its Waihonua at Kewalo condominium project, Chairman and CEO Stanley Kuriyama told PBN.

Alexander & Baldwin Inc. spent more than three years addressing the discovery of ancient human remains, or iwi, at the site of its Waihonua at Kewalo condominium project, Chairman and CEO Stanley Kuriyama told PBN.

Kuriyama told PBN on Thursday that A&B worked with the Oahu Island Burial Council, the state Historic Preservation Division and others to get the situation worked out at the site of the sold-out 43-story, 340-unit project, which has already been built up to the seventh floor.

Remains were found at the site, which is on Waimanu Street across from Ala Moana Center and next to the Hawaiki Tower, which houses KHON-TV.

Honolulu-based A&B said in its second quarter earnings report released earlier this month that 337 units at Waihonua were under binding contracts.

The first units are scheduled to completed by the first quarter of 2015.

Meantime, sales have been strong for another A&B Kakaako condo project, The Collection, where 271 of the 397 units, or about 70 percent of the 43-story tower, have been sold.

Sales for this $200 million project, located at the former CompUSA site, began about a week ago.

Company Disclaimer: Information is deemed reliable but not guaranteed.