A local development company has agreed to buy the downtown Pioneer Plaza from the building's Japan-based owner in a deal that could close in the next couple of weeks. Pioneer Plaza to be sold
By Tim Ruel
truel@starbulletin.comPioneer Plaza's tenants were notified of the pending purchase in a letter dated Sept. 14 from LNW Management Inc., the property's manager.
The seller, Japanese businessman Ching Ming Wang, bought the 22-story building for $44 million in 1986, state records show. Wang's local representative declined comment. Wang's company has an undetermined interest in the firm buying the property.
The buyer is a company led by Michael Wood and Stephen Metter, principals of local commercial real estate firm MW Group Ltd. Metter declined comment yesterday.
Local real estate brokers said the deal illustrates that life goes on, even after the Sept. 11 terrorist assault that toppled the World Trade Center buildings in New York.
The last major downtown piece of real estate that changed hands was the 31-story twin-tower Pacific Guardian Center, sold last year to a unit of Meiji Life Insurance Co. of Tokyo.
The fee simple Pioneer Plaza, located at 900 Fort Street Mall and built in 1977, has been on the market for the past few years. On the ground floor of the building is the landmark Cunha's Alley food court and at the top is the private Plaza Club. The property also includes a separate five-story building fronting South King Street. The buyers, Metter and Wood, have previously purchased a host of business and retail centers on Oahu and Maui, including the Nimitz Business Center in Kalihi.
Wang's remaining holdings in Hawaii include the Waikiki Trade Center, which he bought for $45 million in 1987. Wang had also bought the Kapiolani Business Plaza at 1580 Makaloa Street for $16.8 million in 1986, and sold it two years later for $23.5 million.