Park acreage sold
A California investment firm
has agreed to purchase 91 acres
of undeveloped land in
the 109-acre park
A Newport Beach, Calif., private investment firm has signed an agreement to buy 91 acres of undeveloped land in Kapolei Business Park on Oahu.
Jupiter Holdings LLC, which has other unspecified Hawaii holdings, is in its due diligence period and the transaction is expected to close in May, according to Donna Goth, president of current owner Kapolei Property Development LLC. The company is an affiliate of the Estate of James Campbell.
"We're pretty excited about it," Goth said. "It's a significant new investment in Kapolei and to us it's another indication of the success that Kapolei is becoming as the new city on Oahu."
Kapolei Property Development previously had sought to offer the undeveloped land in the 109-acre park to light-industrial tenants or buyers, such as warehouses, construction and manufacturing companies, Goth said.
Ed St. Geme, managing principal of Jupiter, could not be reached for comment.
The land, which already has a surrounding infrastructure such as developed roads, is between the city of Kapolei and Campbell Industrial Park on the Diamond Head side of Kalaeloa Boulevard.
"One of the reasons that Jupiter is interested in making this kind of investment in Hawaii is the vacancy factor for industrial properties is somewhere around 2 percent, which gives them a strong market," Goth said. "As far as we know, they will continue the marketing activities to attract businesses to the market, which will just expand the number of jobs in the area."