Cushman & Wakefield and Sofos Realty Corporation jointly announced today the firms have teamed up to represent the seller, an affiliate of Next Realty, LLC, in the disposition of a prime ±0.30 acre (12,842 square feet) land parcel in downtown Honolulu, Hawaii. Steven Sofos, CEO, founder of Sofos Realty Corporation handled the transaction on behalf of the seller, with Matt Davis and Terry Jackson of Cushman & Wakefield’s Land Advisory Group in San Diego providing advisory services.
The buyer was Coastal Rim Properties, Inc., which intends to develop a brand new 20-story affordable senior housing tower on the property located at 1192 Alakea St. and situated at the high-profile corner of S. Beretania St. The site currently houses a vacant parking lot. According to Steven Sofos, “The escrow period provided ample time for the buyer to work through the funding and entitlement process.”
Matt Davis added, “1192 Alakea Street was a rare opportunity for a developer to construct a dense, high-rise infill development in Honolulu’s land-constrained Central Business District. In a marketplace with high barriers to entry and limited parking, the property’s flexible BMX-4 zoning provided an instrumental advantage as it allows great optionality.”
Andy Hochberg, CEO of Next Realty, LLC noted that Coastal Rim’s interest in the property created the appropriate timing to sell the property. He added, “We’re excited that Coastal Rim will transform this property by developing an affordable housing project for seniors.”
A few recent constructed residential developments also neighbor the site, including Pinnacle Honolulu, a 37-story boutique residential condo high rise built in 2008, and Capitol Place, a 39-story upscale condo tower also developed in 2008.