Koko Marina for sale The leasehold Koko Marina Center, one of Oahu's larger neighborhood shopping centers, was recently listed for sale at $24.5 million by its Japan-based owner.
The Japan-based owner
wants $24.5 million for the
284,744-square-foot centerBy Tim Ruel
truel@starbulletin.com
The price comes to just more than $86 a square foot at the 284,744-square-foot Hawaii Kai center. A buyer would have to reach a lease agreement with landowner Kamehameha Schools.
The Koko Marina center, on the corner of Kalanianaole Highway and Lunalilo Home Road, was built in 1963 and went through various owners before it was bought in 1994 by an American unit of Orix Corp., Japan's largest non-bank financial services company.
The center, which has nearly as much space as Waikiki's Royal Hawaiian Shopping Center, includes a two-acre, 95-boat marina on Kuapa Pond.
Orix assumed the lease to the property for $28.9 million.
The sale was recently advertised in a local business publication and on the World Wide Web. When contacted, property manager CB Richard Ellis provided a brief fact sheet that acknowledged the offering. Representatives of Orix could not be reached for comment.
Listed in December, the Koko Marina shopping center is being promoted for its location in a high-income East Oahu neighborhood that also serves as a stopping point for Hanauma Bay tourists. The center is 87 percent occupied with 60 tenants, including Foodland, Zippy's, Consolidated's Koko Marina 8 Theatres, and 24 Hour Fitness.
Median household income in Hawaii Kai was $81,028 in 1999, with 3,488 households earning $100,000 or more, according to U.S. Census data.
Orix, which deals in securities, life insurance, venture capital, banking and consumer finance, had a 39 percent decrease in net income in the three months that ended Sept. 30. Profit fell to $47.6 million, largely because of a charge to cover the lost value of one of its six golf courses.
The company's stock, traded on the New York Stock Exchange, has retreated from a high of $103.13 at the end of 1999. It closed up $1.20 today at $32.70.
