Costco acquires Hoopili Business Park for more than $130M
An affiliate of Jupiter Holdings, LLC has sold its Hoopili Business Park development in West Oahu to Costco Wholesale Corp. for nearly $130.1 million, officials announced Wednesday.
The business park is being developed on 45 acres in D.R. Horton’s master-planned Hoopili Community.
Scott Michell, Guy Kidder and Anna Kidder of Colliers International Hawaii represented the seller while Terry Wirth and Bill Froelich, also of Colliers, represented the buyer.
“Costco acquired Hoopili Business Park to support its growing business in Hawaii, including its existing seven membership warehouse clubs and e-commerce business,” a senior Costco executive said in a statement provided by Colliers. “Costco is in the early stages of planning its development. This investment will help Costco to advance the future of its business in Hawaii.”
Colliers said the location is planned to be Costco’s distribution center for all stores the Islands.
“Costco’s acquisition of the 32 lots within Hoopili Business Park removes almost all of the current vacant industrial land inventory on island,” Guy Kidder said in an email to Pacific Business News. “It will be two to four years before a new industrial park is fully developed and available.”
Based in Southern California, Jupiter Holdings recently acquired 123 acres in Royal Kunia for its next industrial development.
The company, which bought the land from D.R. Horton for $21.5 million, began work on the Hoopili Business Park infrastructure last year, PBN previously reported.
Costco’s Kapolei warehouse opened in February 2009, according to the store website.