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The Crazy Shirts Building at 151 Kaiulani Ave. in Waikiki is in escrow, with the Hawaii retailer looking to get $3 million for the property, then lease back its store from a new owner. Crazy Shirts finds
buyer for Waikiki
buildingThe Hawaii retailer wants
to lease back its storeStar-Bulletin staff
Colliers Monroe Friedlander Inc., which listed the property in early August, declined to identify the potential buyer. Reaching a deal could take a month, agent Mark Bratton said yesterday.
Aiea-based Crazy Shirts Inc. bought the fee-simple 3,344-square-foot building in June 1995 for $2.5 million.
The retailer is the building's only tenant, with a 1,975-square-foot store in the first floor, Bratton said. Another 729 square feet of empty office space is available on the second floor.
Crazy Shirts typically leases its outlets in Hawaii, but enters the real estate market where opportunities arise, said Randy Yeager, who recently returned to become the company's co-chairman, chief executive and president. Operations at the Kaiulani outlet -- one of Crazy Shirts' seven locations in Waikiki -- will not change, he said.
Built in 1959, the building was converted to retail space from an apartment in 1990, and comes with eight parking stalls on a separate 3,625-square-foot piece of leasehold land.