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Servco's Honolulu property sells to unnamed buyer — some think it's Amazon

Servco's Honolulu property sells to unnamed buyer — some think it's Amazon

The sale of Servco Pacific's 14.5-acre industrial property in Honolulu is set to close on Wednesday, six months to day after it was listed, for an undisclosed price to an unnamed buyer that some real estate experts believe may be, which has been actively looking for property in Hawaii since early this year for its first distribution center in the Islands. A spokeswoman for Servco Pacific Inc. confirmed to Pacific Business News on Tuesday that the sale of its 14.45 acres at 2101 Auiki St., off Sand Island Access Road near Honolulu Harbor, would close on Wednesday but declined to name the buyer. However, Amazon (Nasdaq: AMZN) has been discussed by many in Hawaii's commercial real estate industry as a possible buyer since Servco, the largest distributor of Toyota, Lexus and Subaru automobiles and trucks in Hawaii, put the property on the market on Jan. 15 with no asking price. Amazon has reportedly also looked at land in Kapolei and other spaces around the Islands. The day after the land was listed, the Seattle-based e-commerce giant registered Services LLC with the Hawaii Department of Commerce and Consumer Affairs, which apparently replaced a 2017 registration for Services Inc. Matt Bittick and Trent Thoms of CBRE's Honolulu office are the listing brokers for the Servco property, along with Barbara Perrier of CBRE National Partners based in Los Angeles. Bittick declined to comment on the buyer, only to say it was an owner-user. CBRE had noted in its marketing materials that the property could be developed into a Class A logistics facility and accommodate single-story buildings totaling 340,000 square feet or two-story buildings totaling 600,000 square feet. Amazon is moving toward multi-story warehouses in urban areas to speed last-mile delivery times, and last year signed a lease on 500,000 square feet in a three-story warehouse in Seattle, according to a Sept. 10 report in The Wall Street Journal. Honolulu has a dearth of large, modern industrial buildings, especially in the urban core between the Daniel K. Inouye International Airport and Downtown Honolulu, and many, if not most, industrial properties in the urban submarkets from Iwilei to Sand Island are considered to be functionally obsolete. More industrial space is available in West Oahu, where lots at Kapolei Business Park West are selling for more about $45 per square foot. Another industrial park is planned for East Kapolei, in D.R. Horton — Schuler Division's Hoopili, where Jupiter Holdings bought 57 acres of industrial mixed-use land for $21.5 million. PBN has reached out to a spokeswoman for

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Source : Pacific Business News

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