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4/28/23
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A Hawaii-based private investor paid $4.7 mil in the leased fee buy of a single-tenant retail property occupied by Zippy’s, an iconic Hawaii-based fast casual restaurant chain serving American, Japanese, Chinese, and Hawaiian fusion food. The property is located at 806 Kamehameha Highway in Pearl City, HI (Honolulu MSA).
Built in 1995, the 14.7k sf property is situated on .51 acres. The tenant has more than 20 years remaining on its corporate-guaranteed ground lease.
The Zippy’s asset is within a dense retail corridor with other nearby retailers including Walmart, CVS, H-Mart, Safeway, Sam’s Club, and Home Depot, among others. It also features excellent visibility located on the signalized intersection with significant street frontage along Kamehameha Highway the main retail thoroughfare in Pearl City.
Nicholas Paulic and AJ Cordero with SRS Real Estate Partners’ National Net Lease Group represented the Hawaii-based seller. The closing cap rate was 3.43%. According to Paulic, the listing generated multiple offers.
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