2012 ALOHA TOWER MARKETPLACE, Honolulu, Oahu.
Aloha Tower Marketplace was an REO purchase in 2011 for $14M after the lender took over the project that exceeded $90M in the development costs. Mr. Bushor bought the distressed vacant retail complex and re-entitled the entire 2nd floor to include 90+ residential units that revitalized the project, and allowed for the sale of the project to HPU, Hawaii’s largest private college. It is now the headquarters for HPU’s campus.
1998 Airport Center, Honolulu, Oahu. Airport Center was acquired, REO, for $6M after Bank of Hawaii foreclosed on a $20M loan. The project was only 40% leased at the time of purchase. After renovation of the entire project that transformed a C+ office project to B+, the mid-rise office project fronting Honolulu’s International Airport was sold for $24M.
2006 Dole Cannery Industrial/Office Project, Honolulu, Oahu.
The Cannery project was purchased for $7M, and included a 100,000 SF Japanese distressed office/industrial building that required substantial renovations, rebranding and leasing efforts. After leasing the project to 90%+, the project was sold for $18M.
Our mainland experience included an additional 2M SF of commercial and industrial projects in California, Utah, Indiana, Ohio and Washington DC metropolitan area.