CBRE Capital Markets Arranges $8.4 Million Sale of Former Bank Branch Turned Affordable Housing Development

CBRE has arranged the $8.4 million sale of a multifamily property in Honolulu, Hawaii to The City & County of Honolulu. The buyer purchased the property with affordable housing funds.

Jim Shipman, Matt Bittick and Matthew McKeever of CBRE Hawaii Capital Markets represented the seller, First Hawaiian Bank, in the transaction. Including this transaction which finalized at the end of 2023, the team’s total sales tally to $250 million.

“This partnership was a tremendous opportunity to work with First Hawaiian Bank and the Buyer to transform the site for the next generation,” said CBRE’s Shipman, who lead the team. “The strategic transaction - the urbanization of Honolulu near major transit options and close proximity to educational and employment institutions - is important to investors, developers and our community.”

Located at 445 N. King Street, the property, formerly used as a bank branch, is 5,423 sq. ft. The buyer plans to construct new affordable housing projects and critical infrastructure on the site.

“Investment sale transactions are down more than 50% across the board, yet the capital markets remain highly liquid for affordable housing developments throughout Hawaii and the Mainland U.S.,” added CBRE’s Bittick. “The successful sale is a testament to the Private/Public partnerships, working to solve the housing needs of our local community.”

“This transaction marks a turning point for the Downtown Neighborhood TOD Plan. 445 N. King Street is critical infrastructure and will support upcoming affordable housing and TOD initiatives in Iwilei,” CBRE’s McKeever continued. “Our team is thrilled to facilitate a transaction that will support the future of the City’s TOD plan and add more housing units in the urban core of Honolulu.”