Airport Center sold for $17.5M

Original Article

Airport Center, a 111,109-square-foot Class B multi-tenant office tower adjacent to the Daniel K. Inouye International Airport in Honolulu and known for its whale murals, sold March 1 for $17.5 million.

A CBRE team led by CBRE Senior Vice President James Shipman represented the seller of the property – located at 3049 Ualena St. – in the fee simple transaction, while Cushman & Wakefield ChaneyBrooks Senior Vice President Rock Tang and Senior Advisor John Rankin led the team representing the buyer.

Hawaiian Airlines in 2016 purchased the office building for $10.8 million in cash, Pacific Business News reported at that time.
City and County of Honolulu property records, which reflect the March 1 sale, identify Airport Center Partners LLC as the current fee owner.

According to information provided by the real estate firms, the building sits on a 26,102-square-foot parcel with 281 parking spaces. Property records note that the land and building have total property assessed value of $13,922,600.

“This continues to reinforce Honolulu’s office market by outperforming its Mainland counterparts,” Shipman said in a statement. “The sale of Airport Center is another data point confirming the strength of the Hawaii office market.”

Officials with both firms said Hawaii’s economic fundamentals are “resilient.”

“We are privileged to have represented an experienced institutional investor who can appreciate the nuances of the market and the intrinsic value of this asset,” Tang said in a statement. “The investment market continues to be active in Hawaii and our team remains poised to assist our clients in capturing these opportunities.”

CBRE Vice President Matthew Bittick said, too, in a statement, “The institutional and private investors familiar with [the] Hawaii market consider it a ‘safe place’ to invest.”