The Pacific Office Properties Trust Inc. announced that they had a $1.6 million profit during the second quarter of 2012. This was a huge improvement as compared to the $11.5 million net loss that they posted during the same quarter a year prior. Most of the company’s gains came from the sale of the First Insurance Center on Ward Avenue, which sold for $70.5 million. Pacific Office Properties had a $5.4 million gain with that sale, which covered the $4.3 million loss from continuing operations.
According to their report, the Pacific Office Properties still owns four properties outright in Honolulu. These include Waterfront Plaza, the Davies Pacific Center, the Pan Am Building and the Clifford Center. In addition to these four properties, they have partial stakes in 16 other properties in California, Arizona and Hawaii.
Source: Honolulu Star Advertiser, 8-11-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
