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Japanese firm Nearly a whole block of vacant fee-simple land in Waikiki between Kuhio Avenue and Ala Wai Boulevard is in escrow, with the Japan-based owner looking to sell to an unidentified U.S. company.
selling large
Waikiki tract
The property is between Kuhio
and Ala Wai BoulevardStar-Bulletin Staff
Located across Kuhio from the King Kalakaua Plaza, the 1.63-acre property is probably the last of Waikiki's major lots available for residential development, according to Patrick Nakamura, who represents the seller. The property is also bordered by Kalaimoku and Olohana streets.
Due diligence should take two to three months, said Nakamura, principal broker with real estate firm ILC International Inc.
The seller, Dai Investment Inc., listed the block last year for $7.1 million, or $100 per square foot.
The company's principles had bought the deed to the property in 1991 for $17.5 million under the name Fad Hawaii Inc. After the market crashed, Fad Hawaii reorganized and gave the deed to Dai Investment for $5 million in March.
Nakamura said he did not know what the owner had originally planned for the lot, which is zoned for apartments. However, he said its principles are ready to get out of Hawaii's real estate. "They've had their fill," he said.
The pending deal would include most of the block, which is bordered by Kalaimoku and Olohana streets, except for three parcels that are separately owned. The lot has previously been in and out of escrow once since the listing, Nakamura said.