One Waterfront LLC, a partnership between Kojaian Management Corp. and The Witkoff Group, has sold a 515,520 sq. ft. mixed-use complex in Honolulu for $70.8 million. San Diego-based Shidler Group bought the property at 500 Ala Moana Blvd. for $70.8 million.
In 2001, the Kojaian/Witkoff partnership bought the property, which includes 415,000 sq. ft. of office space plus 90,000 sq. ft. of restaurant and retail space, for $47 million. The firms spent another $1.7 million upgrading the property, which is now 97% occupied. Major office tenants at the property include AT&T, Hawaii Insurance Consultants, Aloha Airlines and Ruth’s Chris Steak House.
"The recent appreciation in Honolulu commercial properties demonstrates the tremendous strength of the market and the dramatic return to health of the Hawaiian economy after a several-year recession," says Matt Root, a partner of The Shidler Group.
Adds Root: "Hawaii is now one of the hottest markets in the nation for commercial property, and we feel fortunate to be able to purchase this outstanding multi-use complex at a point when demand for quality, well-located space is growing."