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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 real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWakeExternal Link on Twitter. 

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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.

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