Shidler Group buys ANA Kalakaua Center for $30 million
A subsidiary of ANA in Japan had owned the building since 1989
The Shidler Group has purchased the ANA Kalakaua Center in Waikiki for about $30 million.
The property hit the market during the summer of last year, and was being shopped around by CB Richard Ellis for no asking price. The deal closed yesterday.
ANA Real Estate Hawaii Inc., a subsidiary of All Nippon Airways of Japan, sold the approximately 150,000-square-foot building at 2155 Kalakaua Ave. to The Shidler Group.
"As the largest owner of office buildings in Honolulu, we continue to add high-quality, well-located properties to our portfolio," said Matt Root, a partner of the Shidler Group. "We believe in the long-term health of the Honolulu market, which currently boasts the nation's lowest office vacancy rate of 7 percent."
The ground floor of ANA Kalakaua offers retail space and has long been anchored by Planet Hollywood, as well as Wyland Galleries. ANA Kalakaua also was temporarily the home of the sales preview office for the Trump Interna- tional Hotel & Tower at Waikiki Beach Walk.
ANA Kalakaua is about 98 percent occupied, according to a release issued by the Shidler Group, and houses 38 tenants.
Office tenants include JTB Hawaii, Aston Hotels & Resorts and Starwood Hotels.
The property was built in 1980 as Mitsukoshi Hawaii, a multi-tenant retail building that housed the Hawaiian branch of Japan's Mitsukoshi department store. In 1989, the building was sold to an affiliate of the owner in 1989, at which time it was renovated and converted to its current use as a mixed-use office and retail center.
The Shidler Group represented itself in the transaction.
Kevin Aucello, C. Kalani Schrader and Frances N. Okazaki of CB Richard Ellis represented the seller, ANA Real Estate Hawaii Inc.
In addition to ANA Kalakaua, the Shidler Group owns the Pacific Business News Building in Waikiki, and the Davies Pacific Center and Waterfront Plaza in downtown Honolulu.