HONOLULU, HI—As GlobeSt.com previously reported,Atalanta Realty Investments, a SouthernCalifornia-based, real estate investment firm founded in 2013 bymanaging principal Jennifer N. Taylor, hasre-entered the market with the acquisition of two class B, officeassets in Downtown Honolulu. In an update to that story, Taylortells GlobeSt.com that the Hawaii is one of the company's targetedpriority markets.

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“We have previous history here,” she tells GlobeSt.com. “Itfeels good to return to this market and work with our long standingrelationships and with the community.”

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With that said, Taylor notes that “we also have the good fortuneof leveraging our deep network to access capital sources that makethis investment possible.”

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Arroyo Realty Partners, had purchased, ownedand managed Haseko Center and Ocean ViewCenter before divesting of them along with otherrepositioned assets in 2007, just prior to the real estate bust, asGlobeSt.com previously reported.

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Taylor notes that Atalanta is planning to upgrade common areasand revamp management to include some innovative and enhancedtenant services. Besides investment management expertise, she has astrong background in asset management, having served in keyportfolio management roles for major commercial real estate firmsearlier in her career.

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“With these planned improvements implemented, we will be able toaggressively boost occupancy quickly,” she says. “We will increasethe value of these properties and stabilize ROI over the next fewyears.”

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Taylor tells GlobeSt.com that Atalanta is somewhat of a uniquehybrid in that “we have the conventional experience of doingbusiness on the mainland, yet we understand the nuances andcultural differences of the local Hawaii market. We are poised totake advantage of more opportunities and certainly attribute thatto being very nimble in our approach and our ability to executeswiftly.”

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Robin Dean, a principal with the firm, saysthat “We are very familiar with this community, these buildings andmany of the tenants, who have welcomed us back. Long-term tenantsinclude state agencies and many prominent law firms.”

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Atalanta is a women- and minority-owned business, which is veryunique in the investment and commercial real estate industries. Thefirm embraces a “triple-bottom line” philosophy of doing well bydoing good. The firm specializes in value add investments inmarkets with rapidly changing demographics.

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“These assets have significant potential for capitalappreciation and increased cash flow,” Dean continues, pointing outthat the purchase price was extremely competitive and well belowreplacement cost.

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“This was a timely buy, and timing is everything in thisbusiness,” adds Aden Kun, principal of Atalanta,explaining that the properties are located in a highly activeHonolulu submarket on the southeast perimeter of the CBD.

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Market rents in the vicinity are projected to grow up to 6% by2016. But even with expected rent growth, Atalanta contendsthat rents would still not be high enough to justify more officeconstruction in this submarket, thereby keeping office supplylow.

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Leasing assignment was awarded to Commercial Asset Advisors andCBRE retained as the property manager.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.