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8/08/23
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The leasehold interest in a two-story, 30.5k sf retail/office property anchored by Planet Fitness and located at 75-1000 Henry Street in Kailua-Kona, HI, traded for $7.5 mil ($246/sf).
Built in 1997 and situated on 1.49 acres, the multi-tenant property was 98% occupied at the time of the sale with Planet Fitness occupying the entire first floor. Other tenants include Anderson Wealth Planning, Fidelity National Title, and ProService Hawaii, among others.
The asset is situated within the primary Kailua-Kona dense retail corridor and just a few blocks away from downtown Kailua-Kona and Kailua Bay and there are more than 30,000 residents and over 15,000 employees within a five-mile radius of the property.
Nicholas Paulic, AJ Cordero, Matthew Mousavi and Patrick Luther with SRS Real Estate Partners represented the seller, a private partnership. The buyer was a Hawaii-based private investor.
“We received a number of offers on this generational asset,” said Paulic. “The sale of the property demonstrates that well-located multi-tenant assets with good real estate fundamentals are still in demand in today’s market.”
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