CBRE Sells Oceanfront Land within Ko Olina

CBRE facilitated the sale of two large oceanfront lots near the Ko Olina master-planned development on behalf of Oceanwide Resort HI LLC. Los Angeles-based New Age Ko Olina acquired the two separate lots. CBRE's Matt Bittick and Henry Bose represented the seller in the transaction. Powell & Aucello represented the buyer.

"This transaction represents a significant milestone in the development of the Ko Olina area. We are thrilled to have facilitated the sale of these prime oceanfront lots to New Age Ko Olina, which will undoubtedly contribute to this master-planned community's continued growth and success," said Bittick, a senior vice president at CBRE.

The two lots provide the capability to develop two of the world’s iconic resorts. The first lot, adjacent to Aulani Resort, is entitled to up to 1.5 million sq. ft. of developable area and up to 1,400 units. The seller had proposed a 1,383-key Atlantis Resort & Residence Ko Olina (subject to design review), which would feature 37,500 sq. ft. of retail, 1,200-seating restaurant options, an aquarium and pools, and opens up to two of Ko Olina's signature beach lagoons.

The second lot is entitled to up to 990,000 sq. ft. of development area with no more than 850 units and also opens up to two signature beach lagoons and the Pacific Ocean. The approvals here provide for a hotel, branded residential and timeshare.

“The sale and commitment to the construction of these two major projects reflect the strength and attractiveness of Hawaii, Oahu and Ko Olina to the global capital and developer markets,” added Bose, senior vice president at CBRE.

Ko Olina is a premier oceanfront master planned development on the west or leeward coast of Oahu. The development is spread out over 642 acres with broad ocean and mountain views anchored by four iconic beach lagoons and connected by more than a mile and a half of seaside paths, the Ko Olina Golf Club and the island’s only private deep-draft marina, Ko Olina Marina. These two lots sold are the last two undeveloped “on beach” parcels within the development.