Isle Industrial vacancies rise

The industrial vacancy rate in Hawaii grew to 4.2 percent in 2009, 1.3 percentage points higher than 2008, according to CB Richard Ellis.

Average asking base rents, meanwhile, fell to their lowest levels in three years, averaging $1.07 a square foot per month, which is $0.21 lower than the high of $1.28 reached in the first quarter of 2008. Despite lower rents, industrial tenants are sitting on the sidelines, said the report.

On Oahu the vacancy rate grew 1.9 percentage points to 6.1 percent. The asking rent was at $1.08 a square foot per month.

A total of 2.4 million square feet of vacant industrial space is currently available for lease in the state, with 2.1 million square feet of it on Oahu.

Hana hotel sold to unnamed buyer

The Hotel Hana Maui is being sold to an unidentified buyer, according to its owner, Ohana Hotel Co.

About 200 employees will be laid off by Ohana as of the closing date, which will be on or about March 26, according to the filing by Ohana's management company, Arden Grove Hospitality. However, the owners expect the buyer to continue operating the property as a hotel “;without interruption.”;

The company told the state Department of Labor and Industrial Relations about the pending sale to comply with federal and state plant closing notification laws.

Some employees are represented by the Unite Here Local 5, AFL-CIO union.

Ohana purchased the historic hotel at 5031 Hana Highway in 2001. The resort, opened in 1946, has 70 beachfront acres and 70 rooms.

Paradise Gardens gets refinancing

Paradise Gardens, a 200-unit multifamily development in Kihei, has received $17.8 million in refinancing.

The 10-year loan was financed through Boston-based CWCapital and was executed through Freddie Mac's Capital Markets Execution Program. The borrower, unidentified in a CWCapital statement, had a maturing loan on an over-leveraged property.

Paradise Gardens was built in 1990 and consists of four, two-story buildings on 85.3 acres and includes a swimming pool, playground and barbecue amenities. Occupancy is estimated at 93 percent.

Chaminade receives $25,000 grant

American Savings Bank awarded Chaminade University a $25,000 grant to support the 2010 Hogan Entrepreneurs/American Savings Bank Non-Profit Business Plan Competition, the university announced.

The competition is designed to encourage excellence in nonprofit planning and help start new and innovative social enterprises.

The competition is organized and administered each fall by the Hogan Entrepreneurs Program of Chaminade with the assistance of 3Point Consulting.

Hanesbrands drops Charlie Sheen

WINSTON-SALEM, N.C. » Hanesbrands is ending its advertising campaign featuring Charlie Sheen because of domestic violence charges filed against the actor.

Company spokesman Matt Hall said yesterday that it was a “;pretty standard, straightforward call”; by the brand marketing team given the allegations.

Hall said Sheen wouldn't have been retained when his contract expired in the middle of the year. He said Sheen has been a pitchman for almost two years.

The “;Two and a Half Men”; star was arrested in Aspen, Colo., on Christmas on charges including felony menacing and domestic violence. His wife, Brooke Sheen, told police he put a knife to her throat and threatened to kill her. The 44-year-old Sheen denies the allegations.

Sheen publicist Stan Rosenfield says the actor has no comment on the Hanes decision.

On the move

» Robb Reed of Waimea and Peter Vitousek of Stanford, Calif., have been appointed to the board of trustees at Hawaii Preparatory Academy, it was announced by Chairperson Laurie T. Ainslie. Reed is president of Renewable Resources Hawaii LLC, which represents companies for solar and photovoltaic power and BioBased Insulation. Vitousek was born in Honolulu and is a graduate of Hawaii Preparatory Academy.

Other members of the HPA board are Deborah Baker, Penny Bradley, Dr. Michael Chun, Putman D. Clark, Michael K. Fujimoto, Will J. Hancock, Nona F. Hasegawa, Charles G. King, Duncan MacNaughton, Jake J. Mizuno, Gregory R. Mooers, David W. Pratt, William D. Pratt, Michael S. Spalding, Donna Tanoue, Roy A. Vitousek III and Harry M. von Holt.

» The Department of Homeland Security, Transportation Security Administration, has honored the Kauai Police Department with the 2009 National TSA Honorary Award Program's Partnership Award.

The department was the first local law enforcement agency in Hawaii to fully comply with the request that “;police officers flying while armed”; send a notification to TSA via the National Law Enforcement Terminal System.