According to Colliers International, a commercial real estate brokerage firm, investors spent a total of $2.22 billion in Hawaii during the first half of 2014 purchasing commercial properties such as hotels, offices buildings, and warehouses. The single largest sale was the leasehold purchase of the Royal Hawaiian Center in Waikiki by an affiliate of JP Morgan who spent $698 million. The Wailea Marriot Resort sold for $326 million and the Aston Waikiki Beach hotel sold for $183 million, rounding out the top three largest sales. Colliers' report commented that the rising demand for Hawaii commercial properties is being fueled by growth in the local economy, low interest rates, more lending and tighter competition for commercial properties on the mainland. The report stated, "Investors seeking higher yields are now scouring secondary and tertiary markets for those properties that are diamonds in the rough."
Source: Honolulu Star Advertiser, 8-22-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
