Big Island's Gold Coast center may have buyer
Fowler Property is in contract to buy the business center's eight Kailua-Kona buildings
An affiliate of the Shidler Group is in contract to sell the Gold Coast Business Center, comprised of eight buildings in Kailua-Kona's old industrial area on the Big Island.
San Francisco-based Fowler Property Acquisitions LLC has signed an agreement to purchase the mixed-use buildings -- totaling 104,988 square feet on four separate lots -- from Shidler Hawaii Investment Partners LLC, according to people familiar with the deal.
Representatives from Fowler and Shidler declined to comment.
A purchase price wasn't disclosed. However, the leasehold properties were listed for $10.5 million. The land beneath the buildings, whose leases expire in 2025, is owned by the Queen Liliuokalani Trust.
The buildings sit on 5.63 acres in the Kona Industrial Subdivision, which is comprised of more than 75 acres in West Hawaii's main commercial and business center.
The buildings were built from 1974 to 1977 and have recently been renovated, said Brooks Borror, senior associate at Colliers Monroe Friedlander Inc. who has been marketing the properties since January. They were 93 percent occupied as of January.
Fowler Property Acquisition is expanding its portfolio of office, industrial and retail complexes in Hawaii.
The company recently acquired eight commercial properties including the 1221 Kapiolani building, the home of Gyu-Kaku Japanese BBQ Dining restaurant; the Kakaako Commerce Center warehouse building; and the Bamboo Commerce Center, an industrial warehouse on Dillingham Boulevard across from the old Foremost milk factory.