CBRE Announces $8.3 Million Sale of Pahoa Marketplace in Pahoa, Hawaii
November 2, 2023
CBRE has arranged the sale of Pahoa Marketplace, a multi-tenant retail center on the island of Hawaii, to a Hawaii-based private investor for $8.3 million.
Located at 15-2660 Pahoa Village Road, the 43,330-square-foot property was built in 2004. The high-yielding shopping center comprises seven buildings and was previously anchored by a grocery store with a new tenant under negotiations. The property sits on 8.40 acres and also includes a fuel center, multiple outparcel pad sites and 219 surface parking spaces.
“CBRE is delighted to have been a part of this transaction,” said CBRE’s Shipman, the lead broker on the transaction. “We are confident that Pahoa Marketplace will benefit from having new and local ownership with strong connections throughout the islands.”
“Even though the capital markets are volatile and rapidly rising interest rates have significantly slowed investment transactions across the board, smaller value-add retail shopping centers like Pahoa Marketplace remain in high demand,” added CBRE’s Bittick.
Situated in the high barrier-to-entry submarket of Hilo/East Big Island, the property is zoned for industrial/commercial mixed use. The Big Island posted a 4.5% vacancy rate with an average asking rent of $3.10 per square foot in the third quarter of 2023, according to CBRE Research.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.