HONOLULU—Waipio Investments LLC has purchased46 units at Waipio Business Center, a 99-unit,class-A industrial-condominium complex here, for$21.9 million from Westcore Properties. The dealis considered one of the largest industrialreal estate transactions to occur in Hawaii since2011.

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The property, located at 94-1388 Moaniani St.,Waipahu, contains units ranging between 1,500 square feetand 4,800 square feet and features common loading docks, thermalroof insulation and tilt-up concrete construction. The currentoccupancy rate of the property, which is close to the H-2 freewayand 15 minutes from Honolulu InternationalAirport, is 83.5%.

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Linda Gee and Ian Clagstonewith Standard Commercial represented Westcore inthe transaction, with assistance from John Doolingof MW Commercial. The buyer representeditself.

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According to Don Ankeny, president and CEO ofWestcore, “We were able to buy class-A industrial condominiums in avery supply-constrained market for less than half of replacementcost. We sold a number of units to users, and we increasedoccupancy on the rest form 20% to over 80%. Ourvalue-add strategy was accomplished, and it wastime to move on.”

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Ankeny adds that industrial real estate vacancy rates on Oahuare among the lowest in the nation, “so we felt the market was inthe right place for a strong sale.”

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Westcore had originally purchased 61 of the 99 units in 2011 andsold 14 units to individual tenants prior to the transaction withWaipio Investments. It was the only asset Westcore owned inHawaii.

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This is the latest transaction in a series of recent activityfor Westcore. As GlobeSt.com reported last week, capping a seven-month, $91million run of commercial real estate transactions in the SanFrancisco Bay Area, the firm completed a $55-million class-Aoffice-building sale in Concord, CA, and an $8-million warehousepurchase in Union City, CA.

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.