LEASED FEE INTEREST UNDER THE WEST MAUI CENTER

Size: px

Start display at page:

Download "LEASED FEE INTEREST UNDER THE WEST MAUI CENTER"

Benjamin Dorsey
5 years ago
Views:

FOR SALE > LAHAINA MAUI LEASED FEE INTEREST UNDER THE WEST MAUI CENTER Baker Street Street SITE Papalaua Street Wainee Street Honoapiilani Highway Dickenson Street Front Street Longhi s Investment

: (2) 4-5-7: 2 Zoning: M-2 Heavy Industrial District Contact Us Mark D. Bratton* (R), CCIM Bratton Realty Advisers, Ltd. Investment Services Division Tel: 808 523 9708 E-Mail: mark.bratton@colliers.

1 FOR SALE > LAHAINA MAUI LEASED FEE INTEREST UNDER THE WEST MAUI CENTER Baker Street Street SITE Papalaua Street Wainee Street Honoapiilani Highway Dickenson Street Front Street Longhi s Investment Summary Asking Price: Submit Offer Address: 910 Honoapiilani Highway, Maui, Hawaii NOI: $461,500 Tenure: Leased Fee Land Area: 3.5 acres Building Area: 57,264 square feet TMK No.: (2) 4-5-7: 2 Zoning: M-2 Heavy Industrial District Contact Us Mark D. Bratton* (R), CCIM Bratton Realty Advisers, Ltd. Investment Services Division Tel: mark.bratton@colliers.com Ground Lease Terms Commencement: June 1, 1976 Expiration: May 31, 2034 Current Base Rent: $451,500 per year % Rent from Lessee: $10,000 (2013 Estimated) Rent Renegotiates: 2021 and 2031 Improvements: All buildings and improvements (except trade fixtures) shall be surrendered to Lessor at the end of the lease term Property Highlights Long term ground lease Land underlying the West Maui Center, a retail center located on high traffic signalized corner Prime location servicing Town Nearly 40,000 vehicles pass the Property per day Within walking distance of activities, shopping, and nightlife Extremely rare free tenant and customer parking in Town *Bratton Realty Advisers, Ltd. Exclusively contracted to Colliers International HI, LLC Copyright 2012 Colliers International. This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). All rights reserved.

2 FOR SALE > LAHAINA MAUI LEASED FEE INTEREST UNDER THE WEST MAUI CENTER Maui Maui Maui A/C Brewing Company Brewing Company 2,755 SF 5,304 SF 3,241 SF S-6/7/8 Maui Brewing Company 2,161 SF S-1 S-2/3 S-4/5 VACANT 1,335 SF ANNEX B Kaanapali Beach Ministry 2,865 SF ANNEX A Maui Ocean Activities Key To Life Chiropractic 2,964 SF WH 1 First Hawaiian Mortgage Metropolitan Art & Frame PWC PWC Time Sherwin UPS Warner Williams Galleries Store Maui Brewing 900 SF 1,500 SF 750 SF 1,500 SF 3,000 SF 3,000 SF 1,075 SF WH 2CC WH 6B1 1,500 SF WH2A West Le Maui Pet Enterprises Vet. Supply 425 SF 600 SF WH 2B WH 2C WH 3A WH 3B WH 4 WH 5 WH 6B2 WH 6A Veterinary West Maui Pet Supply Breana s Time Warner UPS Store Sherwin Williams Music Birkenstock H & R Block Lani Aloha Salon Expedia Alii Dry Cleaners 3,000 SF Expedia 1,600 SF 800 SF 800 SF 800 SF 800 SF 800 SF 800 SF 800 SF 800 SF 800 SF 800 SF 800 SF 800 SF OF 1 OF 2 OF 3 OF 4 OF 5 OF 6 OF 7 OF 8 OF 9 OF 10 OF 11 OF 12 OF 13 OF 14 OF 15 OF 16 WH 7 Outlet 1,500 SF WH 8B Outlet 1,500 SF WH 8A Subway 800 SF 800 SF PAPALAUA STREET Drawing not to scale HONOAPILILANI HIGHWAY Area Overview - The subject property is located along the western shore of the Island of Maui, just south of the Kaanapali resort area. is the premier retail destination for visitors to the island. Of the 2.4 million annual visitors to Maui, it is believed that 90% spend time here at least once during their trip. The town was once a historic whaling village during the mid-1800s. Over the past two decades, has been transformed into a Maui hot spot with a variety of unique shops and restaurants. * Bratton Realty Advisers, Ltd. wxclusively contracted to Colliers International HI, LLC Copyright 2012 Colliers International. This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). All rights reserved.

FOR SALE > LAHAINA MAUI LEASED FEE INTEREST UNDER THE WEST MAUI CENTER Cannery Mall Gateway Baker Street Papalaua Street SITE Dickenson Street Prison Street Honoapiilani Highway Wainee Street Front

This market is heavily reliant on the visitor market because of the major resorts in the area and consists primarily of street retail and a few neighborhood shopping centers.

Landlords in the West Maui market have historically enjoyed higher rents than other Maui markets with average asking rents of $3.74 psf/month in 2012.

3 FOR SALE > LAHAINA MAUI LEASED FEE INTEREST UNDER THE WEST MAUI CENTER Cannery Mall Gateway Baker Street Papalaua Street SITE Dickenson Street Prison Street Honoapiilani Highway Wainee Street Front Street Shaw Street 505 Front Street Shores Beach Resort Retail Market Overview- The West Maui retail market is relatively small in size with approximately 750,000 square feet of retail inventory. This market is heavily reliant on the visitor market because of the major resorts in the area and consists primarily of street retail and a few neighborhood shopping centers. Over the past 10 years, asking retail rents for Maui have averaged $3.62 psf/month and are currently at $3.38 psf/month. Landlords in the West Maui market have historically enjoyed higher rents than other Maui markets with average asking rents of $3.74 psf/month in Existing retail rents for West Maui Center range from $1.65 to $3.25 psf/month, which is lower than the average. Industrial Market Overview The heaviest concentration of warehouse space is located in Central Maui, the primary business district on the island. The West Maui industrial market consists of only about 462,000 square feet of inventory. Current market conditions throughout the island of Maui indicate that warehouse space is in short supply with the West Maui industrial market at a 5.2% vacancy rate. Maui industrial asking rents currently average $0.98 psf/month and $1.04 psf/mo for West Maui. Existing retail rents for West Maui Center range from $0.90 to $1.48 psf/month. Contact Us Mark D. Bratton* (R), CCIM Bratton Realty Advisers, Ltd. Investment Services Division Tel: mark.bratton@colliers.com COLLIERS INTERNATIONAL 220 South King Street, Suite 1800 Honolulu, HI *Bratton Realty Advisers, Ltd. Exclusively contracted to Colliers International HI, LLC Copyright 2012 Colliers International. This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). All rights reserved.

4 910 Honoapiilani Highway Confidentiality Agreement CONFIDENTIALITY AGREEMENT THIS CONFIDENTIALITY AGREEMENT (this "Agreement") is made as of the day of, 2012, by ("Recipient"), whose principal place of business and post office address is at, in favor of MBL Maryland Inc., whose principal place of business and post office address is at 900 Bishop Street, Suite 1928, Honolulu, Hawaii 96813, the owner of the Asset (defined below) ( Owner ), with respect to the leased fee interest in the land under the property commonly known as West Maui Center, containing approximately 3.5acres of land located at 910 Honoapiilani Highway, in the City of, County and island of Maui, State of Hawaii, TMK Number (2) 4-5-7: 2 and all improvements thereon ( Asset ). 1. Background. Owner and/or Owner s broker, Colliers International ( Colliers ) may be providing and/or making available to Recipient information and/or documents relating to the Asset. The information may be presented to Recipient in various forms including, but not limited to, photocopies of documents, digital information on CD-ROM, digital information sent via electronic mail, and/or digital information accessible via the Internet (collectively Information ). 2. Confidentiality. Recipient, including, but not limited to its directors, officers, employees, managers, members and/or shareholders, agrees that it will keep all Information, including any information derived from the Information, regardless of whether the Information is marked or specifically identified as confidential or proprietary, confidential, except as to Recipient s professional consultants (disclosed to Owner in advance) who will be evaluating the feasibility of Recipient acquiring the Asset. Recipient further agrees, prior to disclosing the Information to any consultants, that it will inform such consultant that they are required to observe and maintain the confidentiality of the Information and the provisions of this Agreement. 3. Limitation on Use of Information. All Information furnished to Recipient by Owner will be used solely by Recipient for the purpose of evaluating the feasibility of purchasing the Asset and Recipient agrees not to use the Information, including any information derived from the Information, for any other purpose. 4. Limitation on Disclosure of Information. Recipient will not disclose to anyone, with exception to its disclosed consultants, the existence of or any other aspect of the Information or any information derived from the Information. 5. Prohibition Against Copying and Return of Materials. No copies of the Information shall be made or disclosed to anyone whatsoever without the prior written consent of Owner. Upon the completion of the above-described evaluation, or upon request by Owner, Recipient shall return to Owner all Information in the form that was provided to Recipient and any and all duplications thereof. 6. Damages. Recipient acknowledges and agrees that Owner has a substantial, material and proprietary interest in the Information and that if the Information or any other information protected under this Agreement is disclosed by Recipient in any respect whatsoever without Owner s prior written consent, Owner may suffer immediate and irreparable harm and may be substantially and materially damaged. 7. Remedies. In the event Recipient breaches any of the conditions set forth in this Agreement, Owner shall have the right to exercise all of its rights and remedies at law and equity, including, without limiting the generality of the Page 1

5 910 Honoapiilani Highway Confidentiality Agreement foregoing, the right to obtain injunctive relief. The non-prevailing party shall pay all costs and expenses, including, without limitation, reasonable attorneys' fees incurred by the prevailing party in enforcing any of the covenants or conditions contained in this Agreement. 8. Agency. Owner is represented by Colliers, a licensed real estate broker in the State of Hawaii. The brokerage agreement between Owner and Colliers authorizes the sharing of commissions received with any properly licensed broker representing the buyer of the Asset in the amount of one-half percent (0.5%) of the gross sales price or value exchanged for the Asset, to any properly licensed broker representing the buyer of the Asset. If a properly licensed real estate broker represents Recipient, Recipient must provide the information below simultaneously with the execution of this Agreement. If Recipient s broker is not listed below at the time of Recipient s execution hereof, neither Owner nor Colliers shall be obligated to compensate any alleged brokerage representative of Recipient making claims to commissions at a subsequent date and Recipient shall indemnify, defend and hold Owner and Colliers harmless from any brokerage commission claims. If a properly licensed real estate agent represents itself as Recipient or if a real estate agent is a principal or owner of Recipient, neither Owner nor Colliers shall be obligated to compensate Recipient. No commission will be accrued or paid unless the sale is closed and proceeds distributed to Owner. Recipient s Broker: (if not represented please write NONE ) Company: Agent: License No.: Address: City: State & Zip: Telephone: ( ) Fax: ( ) 9. No Waiver. No waiver by Owner of any breach hereunder shall be deemed a waiver of any other or subsequent breach. 10. No Oral Modifications. This Agreement may not be altered, amended, changed, waived, terminated or modified in any respect or particular unless the same shall be in writing and consented to by Owner and Recipient. 11. Successors and Assigns. This Agreement shall inure to the benefit of Owner and to its successors and assigns and be binding upon Recipient and its legal representatives, successors and assigns. 12. No Third Party Beneficiaries. This Agreement is not intended to confer any benefits upon any persons, firms, corporations or other entities except Owner and Recipient and their respective directors, officers, employees, managers, members and/or shareholders. 13. Choice of Law. This Agreement shall be construed, governed and enforced in accordance with the laws of the State of Hawaii without giving effect to principles of conflict of laws. 14. No Other Agreement. Recipient acknowledges that this Agreement is solely for the purpose of establishing the confidentiality of the Information and does not grant Recipient any exclusive or other rights in connection with the purchase of Owner s Asset. Page 2

6 910 Honoapiilani Highway Confidentiality Agreement IN WITNESS WHEREOF, Recipient has executed this Agreement as of the day and year first hereinabove set forth. Recipient Signature Date Print Name Title Company/Organization Address City/State/Zip Telephone Facsimile Please return signed Confidentiality Agreement (preferably via in PDF format) to: COLLIERS INTERNATIONAL Attn: Mark D. Bratton* (R) CCIM Direct: Fax: cc: 220 S. King Street, Suite 1800 Honolulu, HI * Bratton Realty Advisers, Ltd., exclusively contracted to Colliers International Page 3

FEE SIMPLE. Multi-Family Investment Opportunity

FEE SIMPLE. Multi-Family Investment Opportunity FEE SIMPLE Multi-Family Investment Opportunity Constructed in 2010, this multi-family property is located in the McCully Submarket. It is situated on the corner of Fern and McCully Streets, 3 blocks from