Reported by Star-Bulletin staff & wire
BACK TO TOP |
Isle developer buys Waipahu Industrial Center
A partnership headed by local property developer Stanford Carr has purchased the 98,600 square foot Waipahu Industrial Center for $12 million.Honolulu Warehouse Co. was the seller of the Class A property on Leoole Street, which has four buildings and includes the 3.9 acres of land underneath. Current tenants include Twomey Flooring, storage facility Extra Space, and Crown Pacific Movers.
Stanford Carr Development said it plans to "spruce up" the property, built in 1998, and execute some deferred maintenance but otherwise hold it as an investment.
Oahu consumers spend heavily
Oahu households spent an average $43,458 annually in 2001 and 2002, 8.4 percent more than the national average, according to the latest Consumer Expenditure Survey results from the U.S. Department of Labor's Bureau of Labor Statistics.Expenditures for food on Oahu -- 14.8 percent of the total -- were 20 percent higher than for the nation, Acting Regional Commissioner Nancy Treadwell said yesterday.
On the other hand, transportation costs -- 16.6 percent -- fell below the national norm of 19.2 percent, Treadwell said.
At 32.7 percent, housing expenses were the largest expenditure for Oahu households, similar to the national average of 32.8 percent.
The average household on Oahu reported income of $56,000 before taxes, compared with the national average of $48,484.
Bankoh's O'Neill rejects splits
Michael O'Neill, chairman and chief executive of Bank of Hawaii Corp., won't ever be confused with the Oracle of Omaha, but he ascribes to at least one of Warren Buffett's philosophies: No stock splits.O'Neill was asked yesterday at Bank of Hawaii's shareholders meeting what it would take for the board of directors to consider splitting the company's shares. O'Neill said that he's from the Buffett school of stock splits and that there is no empirical evidence that splits lead to improved market performance.
"The only benefit of a stock split is the price of the stock is reduced, and therefore more affordable to some," O'Neill said "If we were to split our stock, I can tell you that would be a motivating factor ... But I'm not a believer in splits and, as a former CFO, I've done a lot of work on splits."
The last time that Bank of Hawaii split its stock was in December 1997 when it split its shares 2 for 1. As for Buffet's company, Berkshire Hathaway Inc., its stock closed yesterday at $93,390 a share.
O'Neill also said at yesterday's meeting that the bank, which received $85 million when it sold its credit-card portfolio to American Express three years ago, would consider alternative arrangements when the agreement expires.
Some Bank of Hawaii customers have complained that the American Express card isn't as widely accepted as the previous Visa cards. O'Neill said that the credit-card portfolio was losing money at the time and the bank used proceeds from the sale to fix its loan portfolio.
Meantime, Bank of Hawaii elected seven directors to its 13-member board to various terms. They are: Michael Chun, S. Haunani Apoliona, Allan Landon, Mary Bitterman, Martin Stein, Barbara Tanabe and Robert Wo Jr.
Leasehold properties hit market
A local investment hui has put a pair of contiguous leasehold properties near the corner of King and Keeaumoku streets up for sale at a combined asking price of $2.3 million. One parcel sports an office building while, the other is a parking lot.The three-story 1350 South King St. office building has 37,455 square feet of leaseable space. The adjacent 13,792 square foot parking lot parcel is at 1339 Young St., according to listing agent Coldwell Banker.
[ BRIEFLY ]
Hawaii Business College sold to National Career College
Hawaii Business College Inc., which was sold April 8 to National Career College Inc., said in a state filing yesterday that 52 employees would be terminated as of June 8, though most workers will be considered for employment by the new owner.The King Street school, which offers associate's degrees, has an enrollment of about 280.
National Career College was incorporated in Hawaii in November and has a Laguna Niguel, Calif., mailing address.
