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Leasehold Sale of Hawaii Office/Lab Property Brings $50 Mil Price Tag

4/28/22

A private investor paid $50.3 mil for the leasehold ownership purchase of a single-tenant, office/lab property fully occupied by Clinical Labs of Hawaii (CLH) in Honolulu, HI. The property is located at 93-193 Aiea Heights Dr, in a high growth area just three miles from the Honolulu International Airport.

CLH, the largest pathology/laboratory medical company in the Hawaiian Islands, plans to use the property as its headquarters. CLH is a wholly owned subsidiary of Sonic Healthcare out of Sydney, Australia, the world’s third largest pathology/laboratory medicine company.

Built in 1975 and completely renovated in 2016, the four-story, 81.6k sf property sits on 2.76 acres. Clinical Labs of Hawaii, which is the top medical laboratory company in Hawaii with over 50 locations, was on a long-term triple net lease whereby the purchaser bought the leasehold interest subject to a long-term ground lease.

John Redfield with SRS Real Estate Partners’ National Net Lease Group represented the buyer and the seller, iStar, a REIT.

“This was a credit tenant-leased (CTL) financed zero cash flow transaction,” said Redfield. “The buyer purchased the asset based on the high-quality nature of the tenant and real estate along with the tax and equity growth benefits from the debt structure.”

He added, “The zero cash flow market has remained very strong in the current economic environment, that coupled with the increased demand in the healthcare sector plus limited supply of high-quality real estate in the Honolulu market made this a very sought-after investment.”




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