rare fee simple offering 1833 kalakaua, eaton …...> the area offers a great mix of hotels,...
TRANSCRIPT
1833 Kalakaua, the perpetual parking license for the Eaton Square Parking Garage, and the commercial condo unit V5 are being offered together
1833 KALAKAUA, EATON SQUARE PARKING GARAGE & COMMERCIAL CONDO
www.1833Kalakaua.com
R A R E F E E S I M P L E O F F E R I N G
1 8 3 3 KALAKAUA
1833 Kalakaua is a 10-story office building
consisting of 97,585 square feet of gross
leasable area located in the world-famous
resort community of Waikiki, Hawaii. The
Office Building is situated at the entrance of
Waikiki, on the corner of one of the busiest
roadways - Kalakaua Avenue and Ala Wai
Boulevard. Built in 1964, the property has
undergone approximately $8 million in
improvements since 2011.
PROPERTY INFORMATIONAddress 1833 Kalakaua Avenue, Waikiki, Honolulu, HI 96815Year 1 NOI $1,560,000*Trailing 12 Month NOI $1,300,000*Occupancy 67%Gross Leasable Area 97,585 square feetLand Area 26,018 square feetTenure Fee simpleParking 570 parking stalls plus 26 stalls on-siteTMK Number (1) 2-6-13: 15Zoning RESCOM (Resort Commercial Precinct – Waikiki Special District)
> Rare fee simple opportunity
> Multiple spec suites available for small to mid-sized
tenants needing space on short notice
> Owner-user opportunity / re-purposing opportunity
with significant barriers to entry due to lack of
existing inventory and new office development
> Stable cash flow from both national credit and well-
established local tenants
> Well-maintained Class A boutique office building
> High visibility and convenient access
> Over 27,950 vehicles pass the property within a 24
hour period
THE PROPERTY
1833 KALAKAUA
*Includes Eaton Square Parking Garage and rent abatements
DN
DN
DN
DN
UP
UP
UP
Balcony
DN UP
ElecElec
Elec
ElecRoom
CO L L I E R S I N T E R N AT I O N A L - HAWAI I
1833 KALAKAUA
TYPICAL FLOOR PLAN - 10,300 RSF
Drawing not to scale
Kalakaua Avenue
Ala
Wai
Bo
ule
vard
1 8 3 3 KALAKAUA
EATON SQUARE PARKING GARAGE& COMMERCIAL CONDO
Eaton Square Parking Garage is a 570 stall parking garage two doors from the 1833 Kalakaua office building. Investors have the opportunity to acquire rights to control the parking garage and associated revenue through an exclusive and irrevocable license agreement. The parking operations have significant upside potential with in-place parking rates ± 40% below market which is outlined in a third party parking study completed by Parking Advisors.
PROPERTY INFORMATIONAddress 444 Hobron Lane, Waikiki, Honolulu, HI 96815Parking 570 parking stall garageGross Leasable Area 1,362 square feet (condo unit)TMK Number (1) 2-6-13: 14 and CPR No. 486Zoning APART (Apartment Precinct – Waikiki Special District)
CO L L I E R S I N T E R N AT I O N A L - HAWAI I
Kalak
aua A
ve
McCully St
WAIKIKI
1833Kalakaua
Eaton SquareParking Garage
1 8 3 3 KALAKAUA
PROPERTY LOCATION
> Centralized location at the entrance of Waikiki on the corner of Kalakaua Avenue and Ala Wai Boulevard with
panoramic ocean, mountain and city views
> Approximately 3 miles from the Central Business District (CBD) of Honolulu
> Within walking distance to Ala Moana Center, Hawaii’s largest open air mall and the Hawaii Convention Center
> Excellent public transportation, located directly on bus route “2”, which connects 1833 Kalakaua to major
restaurants, resorts and retail destinations
> Located in the most densely populated area in Hawaii, near the Ilikai Hotel, Hilton Hawaiian Village, and the
Modern, on Hobron Lane
> The area offers a great mix of hotels, residential condos, retail, restaurants and office tenants
> Positioned along major thoroughfare with over 27,950 vehicles passing by the property daily
> Within one of the strongest office submarkets in Hawaii with only a 9% vacancy rate in Waikiki
KANEOHE
KAPOLEI
HALEIWA
AIEA
MILILANI
WAIKIKI
HONOLULU
DEMOGRAPHICS1-MILE 3-MILE 5-MILE
Population 65,307 219,240 315,741Average Household Income $68,471 $79,856 $86,073Median Age 41.5 42.0 41.8Bachelor Degree Or Higher 19,549 67,180 87,861
> Island-wide office inventory of roughly 14.5 million square feet
> Waikiki is the fourth largest submarket in the State of Hawaii
> Mid-year 2016 stats (Oahu/Waikiki):
» Vacancy rate: 13.09%/9.35%
» Average Asking Base Rent (psf/month): $1.70/$2.16
> Development constraints due to high construction costs and lack of available sites
> Recent loss of office inventory in Waikiki because of property conversion which benefits existing buildings and
tightens office supply
> Rising office rents due to strong economic conditions
CO L L I E R S I N T E R N AT I O N A L - HAWAI I
MARKET
INFORMATION
Mark D. Bratton* (R), CCIM
Investment Services Division
808 523 9708
Brandon Bera (S) CCIM
Office Services Division
808 523 8309
Colliers International
220 South King Street, Suite 1800
Honolulu, HI 96813
www.colliers.com/hawaii
CONTACT US
Karen Birkett (S)
Office Services Division
808 523 9729
*Bratton Realty Advisers, Ltd. Exclusively contracted to Colliers International HI, LLC. This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or
warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s).
©2016. All rights reserved.
1833 Kalakaua & Eaton Square Garage (the “Property”)
Colliers International 220 South King Street, Suite 1800
Honolulu, Hawaii
CONFIDENTIALITY AND REGISTRATION AGREEMENT
The undersigned has been advised that Colliers International (“Brokers”) has been retained on an exclusive basis by the owner (the “Owner”) with respect to solicitation of offers for the purchase of an office property known locally as 1833 Kalakaua & Eaton Square Garage, located in Honolulu, Hawaii ("Property"). The Owner has indicated that all inquiries and communications with respect to the contemplated sale of such Property be directed to Brokers. All fees due to Brokers in connection with the sale of the Property shall be paid by the Owner. The undersigned hereby acknowledges that it is a principal or an investment advisor in connection with the possible acquisition of the Property and agrees that it will not look to the Owner or Brokers for any fees or commissions in connection with the sale of the Property. The undersigned also hereby acknowledges that it has not dealt with any broker, other than Brokers, regarding the acquisition of the Property, or if it has, the undersigned hereby agrees to indemnify the Owner and Brokers against any compensation, liability or expense, arising from claims by any other broker or other party the undersigned had dealings with (excluding Brokers) in connection with the sale of the Property.
Brokers have available for review certain information ("Confidential Information") concerning the Property. On behalf of the Owner, Brokers may make such Confidential Information available to the undersigned upon execution of this Confidentiality Agreement. The Confidential Information is intended solely for your own limited use in considering whether to pursue negotiations to acquire the Property. This is not an agreement to sell the Property or an offer of sale. No agreement binding upon the Owner of the Property, or any of its associated or affiliated companies, shall be deemed to exist, at law or equity, until the Owner of the Property enters into a formal binding agreement of sale.
The Confidential Information contains brief, selected information pertaining to the business and affairs of the Owner, and has been prepared by Brokers, primarily from information supplied by the Owner or the Owner's agent. It does not purport to be all-inclusive or to contain all the information which a prospective purchaser may desire. Neither Brokers, nor the Owner make any representation or warranty, expressed or implied, as to the accuracy or completeness of the Confidential Information and no legal liability is assumed or to be implied with respect thereto.
By executing this Confidentiality Agreement you agree that the Confidential Information provided is confidential, that you will hold and treat it in the strictest of confidence, and that you will not disclose or permit anyone else to disclose the Confidential Information to any person, firm or entity without prior written authorization of the Owner and Brokers. Notwithstanding the foregoing, you may disclose the Confidential Information to your directors, accountants, advisors, partners, employees and legal counsel (“Representatives”) for the purposes of your evaluation of the proposed transaction, provided that you shall direct such Representatives to treat the Confidential Information in a manner consistent with your obligations under this agreement and be liable for any failure on their part to do so. If any court or governmental authority requires you to disclose any portion of the Confidential Information, you shall, to the extent permitted by law and legal process, (a) provide the Owner with prompt written notice of such requirement and (b) cooperate with the Owner in a commercially reasonable manner in obtaining any protective order or other remedy sought by the Owner with respect to such requirement. If no such protective order or other remedy is obtained, then you may disclose only that portion of the Confidential Information that in the reasonable opinion of your legal counsel is legally required to be disclosed, and shall exercise all commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded the Confidential Information. You further agree not to discuss the proposed transaction with any tenant, lender, servicer, special servicer, investor, partner or ground lessor of, or agent for, the Property without prior written consent of Owner. Owner expressly reserves the right in its sole discretion to reject any or all proposals or expressions of interest in the Property and to terminate discussions with any party at any time with or without notice. This agreement shall expire after one year. If you do not wish to pursue acquisition negotiations you hereby agree to return the Confidential Information to Brokers provided that you may retain one copy of the Confidential Information for the purposes of and for so long as is required by any applicable law or regulation, on the condition that such Confidential Information is accessible only to your legal compliance personnel. Money damages may not be a sufficient remedy for the breach of this agreement, and the Owner is entitled to seek specific performance and injunctive relief or other available equitable relief as a remedy for any such breach.
Accepted and Agreed to: THE UNDERSIGNED Please type or print
Dated:
Company Name:
By:
Print Name:
Title:
Address:
City, State, Zip:
Telephone:
Cell:
E-Mail Address:
Web Address: www.
Please return the executed copy to:
Colliers International Attn: Angie Boncales [email protected] 220 S. King Street, Suite 1800 Honolulu, HI 96813 (F) 808.521.0977