PRICE REDUCED 99-1379 Koaha Place INSTUTIONAL QUALITY WAREHOUSE FOR SALE - WAREHOUSE WITH OFFICE SPACE 99-1379 KOAHA PLACE AIEA HAWAII 96701
99-1379 Koaha Place Instutitional Quality Industrial Building for Sale CBRE is pleased to present a rare opportunity to acquire the leasehold position in a single-tenant institutional quality Class A industrial property located in Halawa Valley, Oahu s most centrally located industrial submarket. It is ideally positioned for a Hawaii-based headquarters offering a high-profile image unrivaled in the entire submarket. It is located within a mile from the H-1 and H-3 Freeways and Hawaii s largest sports venue at the Aloha Stadium. It is also close to Pearl Harbor, the Honolulu International Airport and the Honolulu Harbor shipyard. For Sale (Leasehold) PRICE REDUCED Price: $3,750,000 Price SF: $160.79/SF Building Area: 23,322 SF Land Area: 29,983 SF
Investment Summary The property offers a highly desirable corporate image and atmosphere including an impressive 2-story glassed-in foyer entry. The office boasts high end interior finishes and improvements throughout with a 2nd floor private reception area, conference room and multiple perimeter offices boasting exceptional window lines. The second floor also includes an executive office suite with private bathroom and conference room. The balance of the floor plate includes numerous work spaces for project management and other office related activities. The 2nd floor can be modified for additional warehouse, storage space or service functions. PROPERTY DETAILS The warehouse space is container accessible with 3 grade level roll up doors, 2 from the enclosed secured yard area facing Koaha Way and one facing Koaha Place. The warehouse area has an approximate 16 height clear-span ideal for high-cube racking systems. Tax Map 1-9-9-77-51 Building Area Office: 12,940 SF Warehouse: 10,382 SF Total: 23,322 SF Investment Highligts Unique opportunity with high office to warehouse ratio rarely found in Hawaii. Land Area Parking Loading Ceiling Height Fire Sprinkler 29,983 sf 44 spaces Three (3) on-grade roll-up doors. Secure and private loading area. Approximately 16 feet Yes Class A asset ideal for a corporate headquarters or sales and service operations. Centrally Located with one of Oahu s most desirable industrial submarkets providing easy access to all areas of the island. Located within one of the tightest industrial markets in the United States, the Halawa Valley boasts a 2% vacancy rate. Power Capacity Construction 3 Phase Year Built 1990 Lessor Ground Lease Pre-cast concrete The Queen Emma Foundation -Thru December 31, 2046 -Current- December 31, 2021 -$23,281.92 per year -7% of the then FMV
Halawa Industrial 99-1379 Koaha Pl KOAHA PL KOAHA WAY
Regional Overview HALAWA INDUSTRIAL PARK ALOHA STADIUM PEARL HARBOR 99-1379 Koaha Pl HNL INTERNATIONAL AIRPORT DOWNTOWN KAKAAKO
Island Overview KAHUKU PUNALUU HALEIWA 99-1379 Koaha Pl MILILANI WAIANAE KANEOHE PEARL CITY KAILUA ALOHA STADIUM PEARL HARBOR KAPOLEI HALAWA INDUSTRIAL PARK HNL INTERNATIONAL AIRPORT DOWNTOWN ALA MOANA WAIKIKI
Property Photos
Industrial Overview Figure 1: Hawaii Statewide Availability Rate vs. Asking Rate ($) 2.00 1.50 1.00 0.50 0.00 Avg. Net Asking Rent Q3 Q1 Source: CBRE Research, 2018. CAM Expense Availability Rate Q3 Q1 2018 2018 (%) 5.0 4.0 3.0 2.0 1.0 0.0 Figure 2: Industrial Job Growth (000's) 120 The industrial market in Hawaii continued to exhibit signs of stability in 2018. State-wide availability decreased 10 basis-points (bps) while net asking rents increased slightly from $1.20 in Q1 to $1.23 in. Prior to this quarter, net asking rents remained unchanged for three previous quarters. State-wide absorption was positive on three of the four major islands with the exception of Maui. Despite being the most active submarket this quarter with 11 lease transactions, Maui has had five straight quarters of negative absorption. While the market for smaller warehouses remains strong, tenant demand for 20,000 sq. ft. or greater spaces has been weak. With rents continuing to remain fairly steady, landlords are offering concessions such as free rent up front to help fill these larger spaces. In May, Hawaii s unemployment rate dipped to 2.0% which according to the Hawaii State Department of Labor & Industrial Relations is the new historical lowest unemployment rate on record dating back to 1976, under current methodology. Despite Hawaii s unemployment rate being 160 bps lower than the national rate of 3.6%, industrial-using employment continued to rise in 2018. High demand for industrial land and an ongoing shortage of industrial zoned land have caused significant price increases in Honolulu. This trend was evident in the $2.2 million sale of 1932 Democrat St., which set a new price per sq. ft. record on industrial-zoned land in Honolulu at $220 per sq. ft. 80 40 0 # Industrial Jobs % of Change 2007 2009 2011 2013 2015 Source: DBEDT, 2018. (%) 10 5 0 (5) (10) (15) Figure 3: CAM and Asking Rates Net Asking Rent CAM Rate 1.50 ($) ($) 1.00 0.50 0.00 3 2 1 0 2015 2015 Source: CBRE Research, 2018. Figure 4: Availability Rate Year-Over-Year Source: CBRE Research, 2018. Figure 5: YTD Net Absorption by Island (Sq. Ft.) (%) 2018 4 (000's) 200 100 0 (100) (200) (300) Oahu Maui Big Island Kauai State Oahu Maui Big Island Kauai 2015 2018 2018 Source: CBRE Research, 2018.
99-1379 Koaha Place INSTUTIONAL QUALITY WAREHOUSE FOR SALE - WAREHOUSE WITH OFFICE SPACE 99-1379 KOAHA PLACE AIEA HAWAII 96701 CONTACT US Matthew G. Bittick Senior Vice President +1 808 541 5182 matt.bittick@cbre.com Lic. RB-19143 Serena C. Longo Vice President +1 808 541 5181 serena.longo@cbre.com Lic. RS-74888 Jack Roney Associate +1 808 541 5141 jack.roney@cbre.com Lic. RS-79997 2018 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. KOB_MB_99-1379 Koaha Place_Sale _8 August 2018