CONTACT US
Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Prime Parcel in Downtown Honolulu Sells to Developer for Planned Affordable Senior Housing Tower

5/26/2020
HONOLULU/SAN DIEGO, May 26, 2020 – Cushman & Wakefield and Sofos Realty Corporation jointly announced today the firms have teamed up to represent the seller, an affiliate of Next Realty, LLC, in the disposition of a prime ±0.30 acre (12,842 square feet) land parcel in downtown Honolulu, Hawaii.

1192 Alakea HonoluluSteven Sofos, CEO, founder of Sofos Realty Corporation handled the transaction on behalf of the seller, with Matt Davis and Terry Jackson of Cushman & Wakefield’s Land Advisory Group in San Diego providing advisory services.

The buyer was Coastal Rim Properties, Inc., which intends to develop a brand new 20-story affordable senior housing tower on the property located at 1192 Alakea St. and situated at the high-profile corner of S. Beretania St. The site currently houses a vacant parking lot. According to Steven Sofos, “The escrow period provided ample time for the buyer to work through the funding and entitlement process.”

Matt Davis added, “1192 Alakea Street was a rare opportunity for a developer to construct a dense, high-rise infill development in Honolulu’s land-constrained Central Business District. In a marketplace with high barriers to entry and limited parking, the property’s flexible BMX-4 zoning provided an instrumental advantage as it allows great optionality.”

Andy Hochberg, CEO of Next Realty, LLC noted that Coastal Rim’s interest in the property created the appropriate timing to sell the property. He added, “We’re excited that Coastal Rim will transform this property by developing an affordable housing project for seniors.”

A few recent constructed residential developments also neighbor the site, including Pinnacle Honolulu, a 37-story boutique residential condo high rise built in 2008, and Capitol Place, a 39-story upscale condo tower also developed in 2008.

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.

Contact/Author

Joshua Deale San Diego Communications Manager
Joshua Deale

Communications Manager • Costa Mesa

Mr. Deale leads strategic media relations and thought leadership efforts for the West Region markets, and oversees their online presence including managing article and social media efforts.

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on  Cookies

More Options
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS