HONOLULU-The Shidler Group of San Diego has acquired the 151,842-sf ANA Kalakaua Center, a former retail building that was converted to a mixed-use office and retail property, for $30 million. The nine-story class A office building with ground floor retail is at 2155 Kalakaua Ave. at the entrance to Waikiki.
Shidler bought the center from ANA Real Estate Hawaii Inc., a subsidiary of All Nippon Airways of Japan. The complex is 98% occupied and houses 38 tenants, including Planet Hollywood, JTB Hawaii, Aston Hotels & Resorts and Starwood Hotels.
The property was built in 1980 as Mitsukoshi Hawaii, a multitenant retail building housing the Hawaiian branch of Japan's Mitsukoshi department store. The building was sold to an affiliate of the owner in 1989, when it was renovated and converted to its current use.
Matt Root, a partner in the Shidler Group, says that the company continues to add to its portfolio of Honolulu office properties because it believes in the long-term health of the Honolulu market, where the office vacancy rate stands at 7%. The Shidler Group represented itself, with ANA Real Estate Hawaii Inc. represented by F. Kevin Aucello, C. Kalani Schrader and Frances Okazaki of CB Richard Ellis.
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