A local family has purchased a 189,000-square-foot cold/freezer food distribution building in West Oahu’s Campbell Industrial Park.
The building at 91-315 Hanua St., which is occupied by a single tenant, C&S Wholesale Grocers, was purchased by KDI Investments Inc. for $19 million, according to Colliers International, which handled the sale along with the Los Angeles office of Colliers International. KDI Investments is owned by siblings Malcom Tom, Kenton Tom and Joanna Leong, who also own the Wailana Coffee House in Waikiki.
The seller was Tower Plaza Associates LP, which bought the building in 2006 for $18.75 million from Pacific Warehouse Inc., a related company of Foodland Super Market Ltd.
“The buyer stepped up and purchased the property at this opportune time because of the high rates of return with an in-place credit tenant,” said Mark Bratton, the senior vice president at Colliers International who represented the seller along with Executive Vice President Scott Mitchell. “Considering the eventual upswing in the market cycle, investors will not see this type of return three to five years from now. This is impeccable timing.”