The Bratton Team sold the Luana Land at Honua Kai to Ledcor in August of 2017. Since the purchasing of the property, Ledcor has named the development’s townhome project, The Luana Garden Villas. It sits on 10 acres in the Honua Kai Resort & Spa on Maui and has sold out more than half of its 72 units since launching sales earlier this year.
The project is being built in “enclaves” of multiple two-story buildings, each containing four three-bedroom units, and is the last development in the Honua Kai Resort. Units in the first enclave are scheduled to be completed in the summer of 2019. Click here to read the full article.
As 2016 comes to a close, we’re looking back over the past year but we’re also looking to the future and to new projects on the horizon. There have been many deals closed, developments started and finished, a boom in timeshares and outside investors on the islands; Hawaii has seen a lot of action this year. One location we’re most excited about for the upcoming year and years to come is Princeville at Hanalei Resort on Kauai. They’re upgrading the front entrance to match the new redevelopments and sales that are taking place over the next couple years.
At the beginning of this month, it was revealed that the $5o0 million redevelopment of the lands at Princeville will start in 2018. They expect to start building homes in that area and they are still working on plans for the Prince Golf Course. Duane Shimogawa wrote an article for Pacific Business News at the beginning of December about this redevelopment and what it means for Kauai. He spoke with the CEO of the contracting company hired for the redevelopment and this is what he wrote, “Michael Meldman, chairman and CEO of Discovery Land, previously told PBN that the redevelopment project could create up to 600 jobs and pump hundreds of millions of dollars a year into Kauai’s economy…The resort’s original plan includes 350 residential units, a possible boutique hotel, a newly-upgraded Prince Golf Course, the focal point of the project, as well as a spa, wellness center, polo fields, equestrian course, an airport, beach club, hiking trails, mountain biking and ocean adventure activities.” We are ecstatic about this kind of growth and opportunity for the islands. These are exactly the kinds of deals we want to see more of in Hawaii; the deals that bring jobs, opportunities, and tourism to our beautiful home tenfold.
Besides this redevelopment, the St. Regis Princeville Resort and Makai Golf Club are up for sale. This resort was acquired by The Los Angeles County Employees Retirement Association at the same time that developer Jeff Stone’s group, The Resort Group, had closed a deal on The Princeville Resort at Hanalei. Being so close to one another and tied equally into the community on Kauai, Jeff Stone has insight on the sale of the St. Regis. He shared this insight with Duane Shimogawa from Pacific Business News in another article on the Princeville area. Shimogawa writes, “Stone told PBN that the L.A. County Employees Retirement Association hired Eastdil Secured to find a buyer for the St. Regis hotel because Starwood’s 10-year management agreement is set to expire in May…The St. Regis is currently one of the largest employers on Kauai with 499 employees, according to PBN research.” It seems that the redevelopment of the Princeville land will create more jobs than any other project on the island, at least for a time. We have a feeling that the St. Regis will regain its crown as largest employer once the redevelopment slows down and is finished.
These two great opportunities are getting us so excited about 2017 and what possibilities are in store in the commercial real estate field. What deals will be closed next year and what new properties or redevelopments will become available? We can’t wait to see what happens next year and are so proud of the work we’ve done in 2016. Let us know how you feel about this past year and the next one in the comments below! Mahalo and Hau ‘oli Makahiki Hou!
In recent years, we’ve seen quite an influx of Chinese investors coming to Hawaii to acquire prime real estate opportunities. It’s a very similar trend to the wave of Japanese investors that came to Hawaii in the late 80s and 90s. We at Colliers believe that this trend is only just the beginning. There will be a lot more Chinese investors coming over to find real estate opportunities. Our own Mike Hamasu was quoted for Pacific Business News’ article, “’If history plays out like with the Japanese, the Chinese will visit as tourists, get accustomed to what Hawaii is like, [and] start to purchase homes, which I believe has started, fueling even more demand for real estate,’ Mike Hamasu, research and consulting director for Colliers International Hawaii, told Pacific Business News.” We are seeing this come together as more investors are becoming interested in our development sites and different options for their portfolios. Currently Chinese investors are targeting hotels, golf courses, shopping, and development opportunities.
Over the last year, Chinese demand for real estate has increased exponentially and we believe that this wave will continue to grow. This growth is proving to be great for Hawaii’s economy and will continue to stimulate new business, new opportunities, and new deals. We can see that more Chinese will move to Hawaii as they invest more money, time, and projects on the islands. I was also quoted in the same PBN article as Mike Hamasu, “Mark Bratton, a senior vice president with the investment team of Colliers International Hawaii, told PBN that experts at a conference in Hong Kong 18 months ago predicted that the flow of money from Asia to the U.S. would increase every year through 2020. Last year alone, Chinese investors spent at least $5 billion on real estate in the U.S. ‘It should be a pretty strong wave and increasing ever more,’ Bratton said.” We are curious to see how this trend increases and changes our diverse economical landscape in Hawaii. It’s exciting to see how these investments will grow and stimulate new projects, tourism, and diversity on the islands.
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Colliers International is proud to announce the sale of the fee simple land located across from Hawaii’s Convention Center, at the gateway into Waikiki. The buyer plans to build an 8-story senior housing facility on the 0.66 acre site.
"Senior housing facilities require less parking and generate less cars than most other uses. These types of facilities not only keep the property clean and are easier to maintain, but they also help provide for a green community." said Mark Bratton of Colliers International, who represented the seller in the transaction.
The Leased Fee under West Maui Center in Lahaina, Maui was just sold this past Friday! We received many offers which we leveraged to create a competitive bidding enviroment amongst the buyers.
Buyers across the country vied to provide a winning bid on this extremely rare ground lease. The compeititon drove up the price and drove down the rate of return. We only see a handful of these fee simple interest that are sold each year. We appreciate the opportunity to work with both parties.