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Honolulu Properties Generate Multiple Offers
A property containing a Ross, CVS Pharmacy and PetSmart center as well as the adjacent industrial property recently sold for $47 million. The property is located on North Nimitz Highway and Sumner Street, adjacent to downtown Honolulu. The buyer was undisclosed.
“There is record demand and pricing for essential net-leased properties throughout Hawaii and the U.S. mainland,” said Alvin Mansour, executive managing director investments, The Mansour Group of Marcus & Millichap. “We generated multiple offers from across the globe which created a very competitive bidding process.”
Mansour, David Kern and Luke Miller from The Mansour Group in Marcus & Millichap’s San Diego office, along with Nicholas Paulic, president of Sequoia Realty Group in Honolulu, represented the seller, New York City-based Seritage Growth Properties.
“We are pleased we could execute on behalf of our client and confident we will continue to see increased demand for quality assets in Hawaii,” added Paulic.
- ◦Sale/Acquisition
