Stanford Carr hui pays
$4.2M for 12 warehouses

A group led by local residential developer Stanford Carr paid $4.2 million for 12 warehouses near the entrance to the Sand Island business district.

Carr and partner Abraham Keh acquired the leasehold interests in 135,000 square feet of warehouse and office space last month from local contractors Val Peroff and Frank Felix Jr.

The properties -- at 330 Sand Island Access Road, 2298 Alahao Place and 2333 Alahao Place -- give Carr ownership of more than 370,000 square feet of warehouse space in a tight Honolulu industrial market.

Carr said yesterday that the purchase was part of an ongoing effort to diversify his company's holdings. Stanford Carr Development LLC is a major residential developer, whose recent projects include the Hawaii Kai Peninsula and the Colony at the Peninsula on Oahu and the Fairways at Mauna Lani on the Big Island.

In December, Carr's company paid $50 million to acquire 580 acres of undeveloped residential land on the Big Island.

Carr said he plans to renovate the Sand Island properties, whose tenants include Trane Air Conditioning, Office Pavilion and Aloha Power Tools.

The Harry & Jeanette Weinberg Foundation owns the fee interest to the property and the lease expires in 23 years. The Weinberg Foundation acquired the properties in the late 1970s after it had been owned by Amfac Inc.'s Oahu Railway.