University Square, a 40,412-square-foot mixed-use center near the University of Hawaii at Manoa, is on the market either as a leasehold or fee simple sale, with the opportunity to redevelop the property for retail, office or residential use, the firm marketing the property confirmed to PBN.
The owners of the land include Emily Moriyama Trust, M Ishii Inc. and Tatsumi Matsumoto Trust, with CPB Properties Inc. as the owner of the building.
CPB Properties includes former Central Pacific Bank executive Naoaki Shibuya and Austin Imamura, CEO of Pacific Rim Bank, which is merging with California’s First Foundation Bank.
JLL, which is marketing the property for the owners, noted that University Square is first being offered as a long-term ground lease, and secondly as a fee-simple sale for $12.5 million.
The total assessed value of the property, which consists of 35,225-square-feet of land and is located at 2615 S. King St., is about $10.2 million, according to tax records.
Built in 1957 at the corner of University Avenue and King Street in the Honolulu neighborhood of Moiliili, the property has an occupancy rate of 81 percent and is currently under a long-term ground lease, which is set to expire at the end of the year.
The new ground lessee may choose to re-tenant the building or redevelop the site into other uses, including residential, office or retail.
Central Pacific Bank, Purple Yoga and Golden Dynasty Chinese Restaurant are some of the tenants at University Square.
Pacific Business News