Clifford Laughton, chairman of a venture capital and private equity firm called Hawaii Holdings LLC, is selling 84 units at the Executive Centre mixed-use condominium in Downtown Honolulu for an undisclosed amount.
The sale followes the Executive Centre’s Association of Apartment Owners’ purchase of the fee interest in the 41-story leasehold building from Kamehameha Schools late last year, Frances Okazaki, an executive vice president for CBRE Inc. Hawaii, who is marketing the bulk sale, told PBN.
She said that the association is offering the fee-simple interest to the owners of the condo units, and thus all the buyers of hte 84 units have the option to purchase the fee-simple interest from the AOAO if they want to.
“Our owner would like to sell the units in bulk and in leasehold,” Okazaki said in an email to PBN. “It will be up to the buyer to purchase the fee from the AOAO.”
In 2013, the same owner put units on the market in a bulk sale, which was marketed by Colliers International Hawaii.
Okazaki said that this listing expired a while ago, and that this brand new listing with her firm is with the same owner.
“While these are most of the same units, they are not exactly the same individual units as some are being kept for his [the owner’s] personal use,” she said.
Kamehameha Schools sold its leased-fee interest in the building, which is located at 1088 Bishop St. and contains about 120 hotel units managed by Aston Hotels & Resorts, for about $75 million.
Michael Pang, president and principal broker of Honolulu-based Monarch Properties Inc., which represents the AOAO of Executive Centre, told PBN that the association bought the leased-fee interest because it had the opportunity to do so.
“The owners are in the process of putting in contracts to buy,” he said. “You’ll see more of that going on as the units have become more valuable.”
The buyers of the leased-fee interest also included Hawaii businessman Duane Kurisu, ResortQuest Hawaii, Calvert Chipchase III Trust, Best Buy Hawaii International, Longs Drugs and MB Technologies, according to public records.
The property also includes about 200 residential units, nearly 100 office units, about 10 retail units, including Hukilau Honolulu restaurant, Longs Drugs, a penthouse and a 12-story low-rise containing 33 town homes and a parking structure.
Duane Shimogawa Reporter – Pacific Business News