ValueRock Realty Partners Purchases Hawaii Kai Towne Center

Kamehameha Schools has announced that they have sold the Hawaii Kai Towne Center to ValueRock Realty Partners.  The exact financial terms were not disclosed, but the Hawaii Kai Towne Center is the fourth-largest shopping center on the island and includes two suburban office buildings, a self-storage facility, and a retail shopping and dining center on a 30-acre lot.  L. Jack Wong, the CEO for Kamehameha Schools stated, "The transition of Hawaii Kai Towne Center from a fully owned Kamehameha Schools property to one where KS retains the land but sells its improvements strengthens our perpetual endowment in support of our educational mission."

David Lee, the founder and chairman of ValueRock, added, "Over the years, ValueRock Realty Partners has been engaged in ownership and management of key Hawaii properties, We are pleased to have the opportunity to expand our presence here by adding Hawaii Kai Towne Center, a quality, mixed-use asset, to our portfolio."

Source: Honolulu Star Advertiser, 11-27-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Rental Apartments Planned for Hawaii Kai

The condominium project previously known as Hale Ali'i and Hale Ka Lae in Hawaii Kai will now be developed as an apartment complex.  Christine Camp, the president and CEO of Avalon, who is representing the developer, stated that the project will now be called 1700 Hawaii Kai and will feature 269 luxury rental units in the midrise project.  Camp noted that 87 percent of all homes in Hawaii Kai are occupied by owners and stated, "We felt what was lacking in Hawaii Kai was rentals for families. That was a compelling market reason to build housing for rent." The two and three bedroom units will rent from between $2,200 to $3,700 per month.

There will also be 54 units in the development that will be reserved for households earning less than 80 percent of the median income in Honolulu or approximately $61,350 for a couple and $76,650 for a family of four.  Rents for these affordable units will be no more than $1,820 for a two-bedroom unit or $2,682 for a three bedroom unit. The project is expected to start by the end of this year and will be completed by the second quarter of 2016.

Source: Honolulu Star Advertiser, 9-16-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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Roadwork Scheduled for Kalanianaole Highway and Kamehameha Highway

The State of Hawaii's Department of Transportation have announced two new major highway repair projects, one on Kalanianaole Highway in East Oahu and one on Kamehameha Highway in Waipio and Mililani.  DOT officials stated that it has been nearly 30 years since a comprehensive repair project occurred on Kalanianaole Highway between West Hind Drive and hanauma Bay.  The work is nearly 15 years overdue, and it will take about $14 million to repair the 21 lane-miles of road.  Work in East Oahu will take place from West Hind Drive to Hawaii Kai Drive 9 a.m to 3 p.m. and from Hawaii Kai to Hanauma Bay Road 8:30 a.m. to 3 p.m. weekdays.  The project should be completed by February 2016.

The Kamehameha Highway repair project will cost about $13.3 million and will stretch from Ka Uka Boulevard to Waihau Street.  Work will commence from 8:30 a.m. to 3 p.m. on weekdays. This project should be completed by the summer of 2016. Jadine Urasaki, the Department of Transportation's director for capital improvement projects, stated, "Working through these corridors is often very unpopular due to the inevitable inconveniences that they create. However, we all know that it has to get done."

Source: Honolulu Star Advertiser, 6-19-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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Windward Mall and Hawaii Kai Towne Center Up for Sale

Kamehameha Schools has announced that they will be selling the buildings and the improvements of Windward Mall in Kaneohe and the Hawaii Kai Towne Center, but the school will hold on to the land below the property.  Despite the fact that this would be a leasehold sale, it is estimated that the two properties could still sell for over $400 million.  Windward Mall and Hawaii Kai Towne Center are the third and fourth largest shopping malls on the island respectively.  Elizabeth Hokada, the vice president for Endowment, stated that selling the buildings and keeping the land "greatly strengthens our perpetual endowment. As with our Royal Hawaiian Center offering, this action is aligned with our 2000-2015 Strategic Plan, which calls for active stewardship of our lands, whether for commercial, agricultural or conservation purposes, while prudently optimizing the value and use of Kamehameha's financial and nonfinancial resources in support of our educational mission."  Kamehameha Schools is tentatively looking at offering 60 year leases for the two properties.

Source: Honolulu Star Advertiser, 12-4-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Hawaii Kai Marina Dredging Project Stalled Due to Possible Illegal Dumping

The Hawaii Kai Marina Community Association has hired American Marine to oversee a $5 million dredging project to remove sludge from its marina, whose waters are very low in some areas making it dangerous for boaters.  American Marine in turn subcontracted SER Silva Equipment Rental to dispose of the sludge.  However, when a Silva dump truck overturned on the H-1 freeway on its way to the Waianae Coastline, City Councilwoman Kymberly Pine, who represents Waianae, became suspicious of illegal dumping and demanded that the Hawaii Kai Marina Community Association takes back all of its sludge.  Pine stated, "I will make sure that I do everything in my power, including exploring all legislative options, to stop this private marina from dumping its sludge in our community and ensure that this unchecked dumping never happens again."

State Senator Maile Shimabukuro, who also represents Waianae, added that homestead residents reported that the SER Silva trucks were illegally dumping material in the Waianae Valley.  Shimabukuro contacted the city's Department of Planning and Permitting, who sent an inspector.  The inspector issued a notice of violation against SER Silva Equipment Rental to stop work immediately.  Waianae residents are concerned that they do not know what is in the sludge and that it could end up contaminating its beaches and bays.  The Waianae residents are especially upset that the Hawaii Kai Marina Community Association is claiming ignorance of the matter.  The Hawaii Kai Marina Community Association President stated that that it is not their responsibility as to where the sludge ends up, but rather the fault of American Marine and SER Silva Equipment Rental.

Source: Honolulu Star Advertiser, 9-7-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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Kamehameha Schools Puts New Hawaii Kai Shopping Center Plans on Hold

Kamehameha School has announced that they will be placing their plans to build a new Hawaii Kai shopping center on hold for the foreseeable future.  The 4.5 acre property, known as the Kuapa gateway Parcel, is located across from Maunalua Bay and is currently zoned as preservation land.  In order for the land to be redeveloped a zoning change would have been required.  Honolulu City Councilman Stanley Chang, who represents East Oahu, stated that he believes the suspension is indefinite.  Chang added, "I applaud Kamehameha Schools' showing its commitment working closely with the community and heeding the community's concerns.  There are no existing plans to proceed with development of the property at this time."  Additional details should be forthcoming.

Source: Honolulu Star Advertiser, 6-13-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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East Oahu Real Estate – Boulder Crashes Into Kukiouou Condominium

A large boulder came loose above 430 Haleloa Place in Kuliouou and crashed into a Honda Odyssey and a Toyota Corolla parked in the condominium development below. Fortunately, no one was hurt in the incident, though in addition to the damage to the two vehicles, there was some damage to a wooden support pole in the carport. A large 2-foot-by-6-inch crack was also caused on the pavement where the boulder bounced.

Officials of the Honolulu Fire Department who responded to the scene, estimated the damage to the Odyssey at $20,000, the Corolla at $8,000 and the posts and beam in the carport at $2,000. Fire Captain Carlton Yamada stated that the department will investigate whose land the boulder came from. Initially, it appears that the boulder originated from land owned by the association of apartment owners.

Source: Honolulu Star Advertiser, 3-24-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Hawaii Kai Real Estate – New Shopping Center Debated

Kamehameha Schools has broached the idea of building a new shopping center on a vacant 4.5 acre parcel which is bordered by the Hawaii Kai Marina, Kalanianaole Highway and Keahole Street. The land is currently zoned as preservation land, but was once slated to be a commercial development, and Kamehameha Schools believes that they can get the land rezoned. The plan would be to build a Foodland Supermarket, several restaurants, a park, a dog park and a pedestrian promenade along the marina front. Members of the Hawaii Kai community gathered at a local elementary school to debate the proposal. While Hawaii Kai residents did agree that there is a need to open another supermarket in Hawaii Kai (there is currently only one), the majority argued that this 4.5 acre lot is not the place for it. Kamehameha Schools stated that they will consider the public’s input in their decision making process.

Source: Honolulu Star Advertiser, 3-22-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Walgreens and Petco to Open in Koko Mariana Shopping Center in May 2012

Walgreens has announced that they will be opening its 12th store in the Hawaiian islands at the Koko Mariana Shopping Center.  Company officials stated that this particular Walgreens will also offer locally grown produce and groceries in additional to their usual items.  The store will occupy the former Foodland location and should be open as early as May 2012.  Also opening in that location will be a new Petco store, which will sublet half of the space from Walgreens.

Source: Honolulu Star Advertiser, 2-29-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor

Global Executive Realty, LLC

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