88 Piikoi Street, CPR-1

88 PIIKOI STREET

HONOLULU INVESTMENT OPPORTUNITY C OMMER C I A L

S PAC E

F O R

S AL E

T H E

O F F E R I N G

Commercial Asset Advisors, as exclusive advisor, is pleased to present the rare opportunity to acquire one or both of the only two fee simple ground floor condominiums at the world renowned Hawaiki Tower located at 88 Piikoi Street.

This highly visible commercial unit, fronting the Piikoi Street promenade, is across the street from the largest outdoor mall in the country, Ala Moana Shopping Center.

A B O U T

T H E

T E N A N T

This leased fee simple investment opportunity is 30,004 square feet and has been occupied by original tenant since 1999. It is currently leased through 2035. Included with the secured unit are 83 deeded parking stalls.

The space is occupied by KHON, a top four network broadcast station owned by Nexstar, a strong publicly held company.

The long-standing tenant is a nationally owned and publicly traded communications company. The tenant, an FCC licensed broadcaster, owns and operates over 190 digital television stations, including Honolulu's #1 dual network station.

The station airs local programming, including

lifestyle and news programming.

Details available upon request.

O F F E R I N G

$22,999,000

S T R E E T W A I M A N U P I I K O I

C A P

R A T E

5.14%

on in place rent

S T R E E T

K N O W N R E N T

T E R M S

through

10/31/30

R E N T

T E N A N T

R E O P E N I N G

R E S P O N S I B L E

11/1/30 - 10/31/35

for all expenses and utilities

(FMV but no less than 5% and no greater than 10% of previous rental rate)

8 8 P I I KOI S TR E E T CP R- 1 30,004 Square Feet 83 Deeded Parking Stalls

A R E A

+

L I F E S T Y L E

Located in Kaka’ako, this rapidly growing urban neighborhood has a rich history that is deeply rooted in industry, entrepreneurship and Hawaiian culture. Kaka‘ako is known for its hip vibrant murals and art coupled with an impressive food scene. Juice bars and casual eateries serving craft beer and Hawaiian farm fare fill the SALT complex, while the Kaka‘ako Farmers’ Market sells coconuts and local coffee.

• Adjacent to Ala Moana Center which features more than 350 shops, including over 160 dining options, and is located just a 20-minute drive from Honolulu International Airport and within walking distance of Waikiki hotels.

• Across from the 76-acres at Ala Moana Beach Park, one of the most popular parks in Honolulu, is filled daily with lawn bowlers, tennis players, joggers, picnickers, fishers, model airplane flyers, model boat sailors, sunbathers, surfers, and swimmers. The long sand beach in the park is especially attractive to families with young children. Some of the south shore’s most famous surfing sites are found offshore at the edge of the reef, including Big Rights, Concessions, Courts, Big Lefts, and Baby Hale’iwa. In addition, Magic Island with its own sand beach and lagoon is also popular with swimmers and sunbathers.

HAWAIKI TOWER

WAIKIKI

• Land Area 3.34 Acres • Tower Height 46 Stories • 400 vertical feet ATKINSON DR.

ALA MOANA BEACH PARK

PA R K I N G

• Residential - 730 • Commercial - 64 • Guest – 13

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ALA MOANA CENTER N

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• Retail - 2

A

A

A

N

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• Commercial - 8

K

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AL

• Residential - 417

ST

.

QU

NUMBER OF UNITS

E

WARD VILLA

8 8

P I I K O I

S T R E E T

C P R - 1

H I G H L I G H T S

TMK

1-2-3-6-4-001

Parking

83 Deeded Stalls

Zoning

KAK-HCDA

Status

Leased thru 2035

Size

30,004 Square Feet

Price

$22,999,000

SEAN TADAKI (PB) CCIM Managing Partner ∙ RB 21112 ∙ 808-779-9699 ∙ stadaki@caahawaii.com ©2020-2021 Commercial Asset Advisors. All information contained herein is obtained from sources deemed reliable. However, no representations or guarantees are made as to the accuracy thereof, and it is provided herein subject to errors, omissions, changes and withdrawals without notice. Offeror and/or his agent should confirm this information prior to making any offer. Buyer agrees that all negotiation shall be conducted through CAA only. No subagency is offered or intended.

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