94-411 ko`aki street | waipahu, hawai`i 96797

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94-411 KO‘AKI STREET
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W A I PA H U , H A W A I ‘ I 9 6 7 9 7
94-411 KO‘AKI STREET
W A I PA H U , H A W A I ‘ I 9 6 7 9 7
TABLE OF CONTENTS
EXECUTIVE SUMMARY
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INVESTMENT SUMMARY
5
INVESTMENT HIGHLIGHTS
5
RENT
5
PROPERTY DESCRIPTION
7
DESCRIPTION LIST
8
PROPERTY LOCATION
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MARKET ANALYSIS
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INVESTMENT MARKET
9
INDUSTRIAL MARKET
9
ABOUT THE TENANT
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EXECUTIVE SUMMARY
he Madden Corporate office and distribution facility is a superb quality, fee
simple, sale-leaseback project located in central O‘ahu in a high-quality planned
business park. Totaling over 57,000 square feet in a tilt-up concrete structure with
adjacent grade level parking and loading docks, the project offers a rarely seen highquality investment.
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INVESTMENT SUMMARY
ASKING PRICE$12,000,000
2014 NOI
Structured lease to be negotiated
REPLACEMENT COST$14MM
TENURE
Fee Simple
SITE AREA
57,711 square feet
TOTAL IMPROVEMENTS
47,680* square feet
OFFICE IMPROVEMENTS
15,548 square feet
NUMBER OF FLOORS3
WAREHOUSE IMPROVEMENTS
32,132 square feet
GRADE HIGH LOADING DOCKS 2
YEAR BUILT2001
ZONING
I-1(Light Industrial)
TAX PARCELS
1-9-4-13 parcels 10, 11 and 12
*According to the City and County of Honolulu Tax Office
INVESTMENT HIGHLIGHTS
§ Institutional quality distribution facility consisting of a twostory corporate headquarters office building and a high
cube distribution warehouse located in central O‘ahu in
the Mill Town Center Business and Industrial Park. Mill
Town Center is a Planned Park and designated State and
County Enterprise Zone with easy Freeway access.
§ Sale-Leaseback with one of Hawai‘i’s top 50 corporations
with a long, distinguished business history.
§ Top-quality construction and first class office space.
RENT
§ Market rents with upside potential.
§ Low area vacancy.
§ The average asking rents in the area continue to rise following a long period of stagnation suggesting that rents
will continue to rise over the next several years.
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PROPERTY DESCRIPTION
The Madden Corporation headquarters building consists of
two class A concrete buildings totaling over 57,000 square feet
in the Mill Town Center Business Park in Waipahu, O‘ahu,
Hawai‘i. The business and industrial park was built in two
phases, of 21.45 and 13.27 acres. The property, which is in
phase I, is ideally situated for distribution and is close to reasonably-priced employee housing. Access to the H-1 freeway is
conveniently close to the property. The buildings are in excellent condition and are of high-quality concrete construction.
The office space is class A build out with floor-to-ceiling glass
conference rooms, high-quality finishes, high ceilings, and a
versatile and well-planned layout.
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PROPERTY DESCRIPTION
LOCATION
94-411 Ko-‘aki Street, Waipahu, Hawai‘i
YEAR BUILT 2001
BUILDING SIZE/TYPE
15,548 SF Office / 32,132 SF Warehouse
STRUCTURE
Precast concrete tilt-up wall panels with a concrete
slab on grade.
ROOF
Low-sloped built-up roof system with cap sheet
over plywood sheathing.
HVAC
The HVAC system consists of 8 Carrier air conditioning condenser units and 2 rooftop package
units.
ELECTRICAL
The main electrical service to the building is
provided by a three-phase 800 amp distribution
panel, two 225 amp 480/277 panels and two
208/120 power panels.
FIRE/LIFE SAFETY
The fire protection system consists of a sprinkler system, portable fire extinguishers,
smoke detectors and alarm horns.
SECURITY SYSTEM
The building is secured with a Sentinel Alarm security system with 24/7 off-site
monitoring.
PARKING
Parking is provided in three separate surface parking areas with 30 regular stalls,
two accessible stalls and 4 loading stalls.
P R O P E R T Y L O C AT I O N
§ Located in the heart of Mill Town Center Business Park in Waipahu,
O‘ahu, Hawai‘i.
§ The property is ideally situated and is close to reasonably-priced
employee housing.
§ Easy access to the H-1 freeway.
§ Shopping and restaurants are conveniently near the property.
§ Location: Near Waikele Premium Outlets in Waipahu.
§ Driving distances and times:
Waikiki
17 miles
Downtown
14 miles
Docks
12 miles
Airport
10 miles
H-1 Exit/Entrance
1.5 miles
24 min
19 min
16 min
14 min
2.5 min
§ The proposed rail system is nearby and within walking distance.
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Airport
The Madden Downtown
Waikiki
Corporation
MARKET ANALYSIS
INVESTMENT MARKET
According to Pacific Business News, Hawai‘i’s commercial real estate investment market
heated up last year, generating $2.21 billion in sales volume, an 81% gain over 2011.
The market saw 182 transactions of over $1 million, a 34% increase compared to 2011.
Hawai‘i’s commercial real estate sales volume has more than tripled since 2009, charting a return to levels seen before the Great Recession. And, for the first time in more than five years,
all major commercial property types — including office, retail, and industrial—posted positive
year-end net absorption.
More than $1.15 billion in investment sales transactions were recorded for the fourth quarter
of 2012, making it the highest quarterly sales volume since 2005, when a record $4.3 billion
in transaction sales volume was recorded.
The year-end boost in sales activity could be attributed to low interest rates, poor fixed-income returns and uncertain tax code changes.
INDUSTRIAL MARKET
Oahu’s industrial market posted its strongest performance in more than five years in 2012
with more than 390,000 square feet of positive net absorption (amount of space leased) and
vacancy rates dipping to 3.75%, according to a recent report in Pacific Business News.
WAIKELE
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WAIKELE PREMIUM
OUTLETS
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Waikele Premium Outlets conveniently located within
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ABOUT THE TENANT
The Madden Corporation (TMC) is the largest product development company in Hawai‘i, dedicated to creating high quality products, with corporate
offices in Honolulu, Los Angeles, Las Vegas and Hong Kong. TMC manufactures and distributes more than 8,000 products to nearly 3,000 customers
throughout Hawai‘i, the continental U.S., Europe and Asia.
TMC is a Hawai‘i-based parent company for the wholesale divisions of Island
Heritage, Island Plantations, Island Bath & Body, Mauna Kai and Kai Clothing. These divisions provide an extensive scope of island-themed products
which include children’s and specialty books, stationery, gifts, souvenirs, specialty foods, home décor, jewelry, bath and body products, as well as apparel.
ISLAND HERITAGE
Since 1984, Island Heritage has created products with cheerful designs for
gift markets around the world.
ISLAND CHÍC
Island Chíc is a playful collection of bags and accessories. Perfect for an
island lifestyle, these bags come in a variety of fashionable and charming
designs, colors and prints.
ISLAND PLANTATIONS
Island Plantations is a collection of handcrafted ceramics, glassware, woods,
and Capiz Shell Art, which are distinctive and sophisticated home décor
that will transform your home into a coastal paradise.
MAUNA KAI
Mauna Kai celebrates the elements of nature with fashionable, handmade
jewelry using quality, natural materials. A diverse collection of unique
shells, stones, metals, glass, bone and wood, each piece is handcrafted from
natural elements, nurtured by land and sea.
ISLAND BATH & BODY
Island Bath and Body and Royal Hawaiian products can transform your
body, mind and spirit with their exotic tropical fragrances. Made in Hawai‘i,
these products represent the purest of ingredients and finest fragrance found
in our islands.
KAI CLOTHING
Kai Clothing is a resort lifestyle brand that features men’s and women’s
apparel in bold and captivating prints inspired by the many oceans of the
world. Proudly made in Hawai‘i, and with a name that means “ocean” in
several languages, Kai embodies the spirit of relaxation and comfort in style.
From the colorful spirit of Island Heritage, to the elegance of Island Plantations, the tropical indulgence of Island Bath & Body, the natural elements
of Mauna Kai, and our latest creation, stylish resort wear of Kai Clothing,
The Madden Corporation offers products that complement our island lifestyle both here in the islands and around the globe.
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Rob Ewert
Principal Broker
OFFICE
2330 Kaola Way, Unit 3 | Honolulu, HI 96813
808.531.4378 | CELL 808.225.1083 | EMAIL [email protected]