In 2007, CBRE negotiated the purchase of the Local Motion Building at 1958 Kalakaua Avenue in Waikiki with an 18-month sale leaseback from the existing Tenants. A worldwide replacement Tenant search was implemented and ING Direct (the retail arm of ING, the 13th largest corporation in the World) was identified. CBRE was then able to negotiate the early termination of two tenants so that a lease of the 9,600 square foot building could take place. The Landlord was able to receive a new long-term lease with ING Direct for their flagship Kalakaua location.
A tepid Waikiki Office Market had the Landlord of Waikiki Trade Center looking to drive value from the retail components of their office tower. Andrew, working in conjunction with Ownership, Management, and the Architecture firm, came up with a plan to maximize the strong retail market in Waikiki through re-tenanting retail spaces and implementing a Kiosk program. An underperforming restaurant user was terminated and a new 7,700 square foot restaurant, The Shack, was signed and is scheduled to open in the Summer of 2008. With The Shack reopening the entrance out to Duke’s Lane, the Landlord will be able to complete the implementation of the Kiosk program.
In January 2006, CBRE was rewarded an assignment to lease Waikiki Town Center, a 75,000 square foot, 3-story retail center located on Kuhio Avenue in Waikiki. The Landlord, Queen Emma Land Company, originally planned to completely redevelop the center along with the adjacent International Market Place but decided in August 2006 to put their redevelopment plans on hold until at least December 2010. In lieu of that, the Landlord had a new short-term goal of maximizing income for the Center. Mr. Starn and the Queen Emma Land Company management team were able to renew and re-tenant more than 51,000 square feet of gross leasable area with their commitment to expedite letters of intent and leases. This accomplishment included new tenants such as Hart & Huntington and Galaxy Steak House, along with the renewal of such tenants as Payless ShoeSource and Saint Germain’s Bakery.
Tenant Representation
Andrew Starn represents Tenant’s in the Waikiki Market including Peter Lik Galleries and Volcom.
Peter Lik and Mr. Starn worked closely for three years to find the “perfect location” in the newly developed Waikiki Beach Walk project on Lewers Street. Since opening the 2,100 square foot location, Peter Lik Galleries is the top sales per square foot performer at Waikiki Beach Walk. Additionally, Andrew represented Peter Lik Galleries in the securing of a location at The Shops at Mauna Lani.
Volcom, the $800 Million action sports retailer, was looking for an edgy street front location outside of a mall setting in Waikiki. CBRE was able to deliver a 1,800 square foot ground floor location that was perfect for re-tenanting. This location allowed Volcom to create their own unique look along Kalakaua Avenue. The store is currently undergoing renovation and is scheduled to open in May 2008. Andrew also represented Volcom in their search for a Maui location, which ended with a completed transaction at The Block at Front Street.