The $23.75 per sf purchase price reflects the fact that the building sits on a ground lease that has 24 years remaining, says Voit EVP/COO David Allison. As well, GE Capital required that escrow take less than 30 days.
Tenants include pharmaceutical distributors McKesson and Amerisource Bergen, and Hilo Hattie, the largest retail source for Hawaiian and island lifestyle products. "The combination of competitive financing, a strong tenant roster and a tight industrial market created a package that made sense," says Allison.
"This property is out of our primary development/acquisition markets of Southern California and Phoenix," says Allison. "However, it does meet all of our other investment criteria and will prove to be a strong acquisition for Voit."
Dana Peiterson of CB Richard Ellis in Honolulu represented GE Capital in the transaction. Chris Deason of Voit Commercial Brokerage represented Voit Development.
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