A huge business opportunity has opened up in the commercial core of Kailua-Kona, with the proposed sale of the 243-acre West Hawaii Business Park, along with the option to include any of 14 nearby parcels.
A huge business opportunity has opened up in the commercial core of Kailua-Kona, with the proposed sale of the 243-acre West Hawaii Business Park, along with the option to include any of 14 nearby parcels.
The business park includes six fee-simple parcels with industrial and mixed industrial/commercial zoning fronting Queen Kaahumanu Highway between Costco and Kaiser Permanente. A conceptual plan has been drawn for 38 lots.
Various income-producing properties in nearby Kailua Village include those being leased by West Hawaii Today, Honda, King Kamehameha Mall, American Savings Bank, Kona Seaside Hotel, Kia, Harley-Davidson, The Club, the former Hilo Hattie building and Burger King.
The properties are owned by Lanihau Properties LLC, a company that traces its roots back to 1850. Riley Smith, president and chief executive officer, said last week that the primary goal is the sale of the West Hawaii Business Park.
Because of the many options of pairing the business park with various properties, it’s not easy to specify an asking price, he said. The property is being marketed by the Toronto, Ontario-based Colliers International.
“There’s so many different permutations, we really can’t set a price,” Smith said.
Lanihau Properties is a privately owned company that says it has focused its efforts on stewarding and improving the value of its landholdings in North Kona. Its real estate portfolio includes more than 10,000 acres of land.
“Our strategic plan outlines our efforts to take small portions of our non-income producing lands and enhance their value, in coordination with the county General Plan and the Kona Community Development Plan,” Smith said in a statement. “As part of this strategy, we are placing our West Hawaii Business Park lands on the market. We are also considering the option to include a portion of our Kailua Village lands in this offering. “
Smith said the sale, which will proceed with marketing the properties before accepting offers from interested parties, will help finance future plans for the remainder of the Lanihau Properties’ holdings.
“The lands that are being marketed for sale comprise about 2 percent of our real estate portfolio,” the statement said.
“The proceeds of the sale will help provide the capital to be able to continue to own and steward our mauka ‘legacy’ lands for generations.”