Alexander & Baldwin taps Honolulu firm to handle leasing for ‘The Collection’

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 subsidiary has tapped Honolulu-based Beall Corp. to lease out the ground floor commercial spaces of its 465-unit The Collection mixed-use project in Kakaako, Beall Corp. confirmed to PBN this week.

The Collection, which is next to Kamehameha Schools’ Salt at “Our Kakaako” 85,000-square-foot restaurant and retail complex, has ground floor commercial space totaling 12,022 square feet.

Beall Corp. said that with eight planned new high-rises within a half-mile radius and three currently under construction, retailers will have access to a captive audience of local residents and visitors.

Located at 600 Ala Moana Blvd. on the site of the former CompUSA store, The Collection consists of a 43-story condominium with 397 units, a four-story building that houses 54 loft-style units and 14 three-bedroom townhomes.

Construction on Honolulu-based A&B Properties Inc.’s $200 million project began about a year ago, and is scheduled to be completed by late 2016.

Duane Shimogawa
Reporter
Pacific Business News

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’s $200M The Collection Kakaako condo project 94% sold

Alexander & Baldwin Inc.’s The Collection condominium project in the Honolulu neighborhood of Kakaako is 94 percent sold, the Honolulu-based company said Thursday in its first quarter earnings report.

The $200 million project, which started construction in October at the former CompUSA lot, includes a 397-unit high-rise tower, a 54-unit mid-rise building, 14 town homes and retails shops and restaurants on the block bounded by Ala Moana Boulevard, Auahi, South and Keawe Streets.

Honolulu-based Alexander & Baldwin (NYSE: ALEX) bought the land beneath the project from Kamehameha Schools for $23 million. The project is estimated to be completed in late 2016.

On Thursday, A&B reported a profit of $25.3 million in the first quarter, down from a profit of $35 million in the same quarter last year.

Revenue for the first quarter was $150.7 million, compared to $94.8 million in the first quarter last year.

Duane Shimogawa
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

Alexander & Baldwin buys land at its planned The Collection condominium in Kakaako

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 subsidiary has acquired the three acre former CompUSA lot in Kakaako from Kamehameha Schools that it will use to develop its 466-unit mixed-use The Collection condominium project. Construction is scheduled to start soon and estimated to be completed in late 2016.

Terms of the deal were not disclosed.

Located at 600 Ala Moana Blvd., the $200 million project is made up of three residential components.

The Tower, which is currently 76 percent sold, and includes 397 units in a 43-story building, is the project’s initial component.

The second phase is The Lofts @ The Collection, which consists of 54 condo residences within a four-story mid-rise building, and sold out in less than a day.

Plans for the final phase of The Collection, 14 urban townhomes, will be announced at a later date.

The Collection, which is bounded by Ala Moana Boulevard, and Auahi, South and Keawe Streets, also has 13,000-square-feet of commercial space planned for shops and restaurants.

Duane Shimogawa Reporter – Pacific Business News

Castle & Cooke to develop condo project in Kakaako on Kamehameha Schools land

Dec 6, 2013, 2:25pm HST UPDATED: Dec 6, 2013, 2:40pm HST

Duane Shimogawa Reporter – Pacific Business News

Castle & Cooke Inc. will join Hawaii developers such as Alexander & Baldwin Inc. and Stanford Carr Development in developing a residential condominium project in Kakaako as part of landowner Kamehameha Schools’ “Our Kakaako” master plan.

Anthony Ching, executive director of the Hawaii Community Development Authority, the state agency charged with redeveloping Kakaako, confirmed to PBN that Castle & Cooke would build reserved housing units along Keawe Street between Pohukaina and Auahi streets, Diamond Head of Waterfront Towers.

Castle & Cooke, which is best known for building single-family residential projects, such as Mililani and the recently approved 3,500-home Koa Ridge project, both in Central Oahu, would be stepping into somewhat unchartered waters with this condo project.

“Castle & Cooke being interested shouldn’t be surprising,” Ching said. “Everyone needs to produce inventory to sell. You have to put stuff in the pipeline.”

He also pointed out that the demand for housing is at a fever pitch and that more inventory is greatly needed.

“Urban Honolulu is going to be an attractive area,” Ching said. “Many of our local developers are not into luxury, maybe mid-market or low market.”

The parcel currently has several businesses on it, including Volcanic Rock Gym.

Kamehameha Schools recently presented the plan to the Ala Moana/Kakaako Neighborhood Board.

Larry Hurst, chairman of the board, told PBN that the planned project isn’t a high-rise, and instead consists of six stories.

“It’s a good thing,” he said. “They’re looking for a variance on their parking structure.”

Kamehameha Schools did not immediately responded to a request for comment by PBN.

But Bruce Barrett, executive vice president of Castle & Cooke Homes Hawaii, told PBN that the developer is in discussions with Kamehameha Schools for the Keawe Street project.

“Discussions are ongoing and we expect to be able to make a formal announcement within the next 60 days,” he said in an email statement to PBN.

The Kamehameha Schools’ Kakaako master plan, which includes nearly 30 acres and nine full-block parcels with 2,750 residential units and commercial space, is beginning to take shape.

In September, PBN first reported that MK Development, a joint venture of well-known Hawaii developers the Kobayashi Group and The MacNaughton Group, is purchasing six acres in Kakaako to develop two luxury mixed-use housing projects totaling about 500 units.

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