Kapiolani landowner
moves to sell property

A company puts land beneath
several hostess bars on the market

The owner of land beneath several hostess bars on Kapiolani Boulevard is latest to attempt to cash in on the Kapiolani corridor land rush.

Riald Investment Co. has placed its 1338 Kapiolani Blvd. parcel for sale with an asking price of $5.2 million.

The owner is listing the 29,808-square-foot property through Sofos Realty Corp. and Cushman & Wakefield of California Inc.

The site, which is bordered by Kapiolani and Makaloa Street, has potential for redevelopment, according to Steve Sofos, president of Sofos Realty.

The site's zoning will allow a developer to build a retail or residential project.

The parcel is across Makaloa Street from Wal-Mart's massive Keeaumoku Street retail complex. Tenants include Club New Casino and Club Safari, whose leases could be terminated with six months of notice.

The listing comes as real estate activity along the Kapiolani corridor has emerged from the late 1990s slump.

In addition to the new Wal-Mart and Sam's Club on Keeaumoku, Alexander & Baldwin Inc.'s real estate subsidiary has purchased the land beneath Daiei Inc.'s Kaheka Street store for $19.3 million and has hinted that it may redevelop the property.

Last year, Nordstrom Inc. announced plans to build a three-story, 200,000-square-foot department store that will anchor the new Kapiolani wing of Ala Moana Center.

Down the street, the Shidler Group acquired the 17-story Pan Am Building at 1600 Kapiolani Blvd. in late 2003.