business mixed use facility in the heart of honolulu · 2020. 6. 15. · meadow gold dairy honolulu...
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BUSINESS MIXED USE FACILITY IN THE HEART OF HONOLULU
H O N O LU LU , H AWA I I
MEADOW GOLD DAIRY HONOLULU HEADQUARTERS925 Cedar Street, 1302 Elm Street & 824 Sheridan Street, Honolulu, HI 96814
Confidential Offering Memorandum
LIONA STLIONA ST
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P R O P E R T YWE B S I T E
2 | CUSHMAN & WAKEFIELD CHANEYBROOKS • MEADOW GOLD DAIRY HONOLULU
THE OFFERING\Cushman & Wakefield ChaneyBrooks is pleased to offer for sale a rare opportunity to purchase 2.15 acres
of urban in-fill, zoned BMX-3, with a Transit-Oriented District (“TOD”) overlay, in the heart of Honolulu (the
“Property”). The mixed-use site is improved with 71,085 SF of warehouse, manufacturing, cold storage and
office space spanning over three adjacent parcels.
The Property is ideal for an investor, owner-user or developer due to the scarcity of manufacturing distribution
facilities in the submarket, lack of available land, and transformation of the surrounding area.
The Property falls within the Ala Moana TOD Plan which allows for increased density and represents an
exceptional opportunity for redevelopment for a residential or mixed-use high-rise building.
EXECUTIVE SUMMARYINVESTMENT SUMMARY
Asking Price
$25,000,000
Building Size
71,085 SF(1)
Land Area
2.15 Acres 925 CEDAR STREET, 1302 ELM STREET, & 824 SHERIDAN STREET Honolulu, HI 96814
Asking Price $25,000,000
TMK Nos. (1) 2-3-13: 7, 12 & 13
Tenure Fee Simple
# of Buildings 3
Building Size 71,085 SF(1)
Land Area 2.15 Acres
Year Built 1962 to 1969
Zoning BMX-3 (TOD District)
PROPERTY DETAILS
(1)See page 32
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INVESTMENT HIGHLIGHTS
Extremely rare manufacturing facility in Honolulu’s urban core
Flexible Business Mixed-Use Zoning allowing for wide range of uses
Redevelopment opportunity within the Ala Moana TOD, which allows for increased density
Near the gentrification of the Ala Moana/Kapiolani area which is currently undergoing a major transformation
High demand for additional housing units to help offset Honolulu’s housing shortage
Desirable urban Honolulu location blocks from Ala Moana Center, Hawaii’s largest and most popular shopping center, and Ala Moana Beach
A short drive to major employment centers of Waikiki and Honolulu’s Central Business District
4 | CUSHMAN & WAKEFIELD CHANEYBROOKS • MEADOW GOLD DAIRY HONOLULU
PROPERTY SUMMARY
The Property is located on three (3) non-contiguous
parcels totaling 2.15 acres of commercial land in the
core of urban Honolulu. The site is improved with
approximately 71,085 SF(1) within three (3) distinct
industrial buildings: (i) the Office/Warehouse/
Parking, (ii) the Manufacturing Warehouse, and (iii)
the Transportation Service Building. The former
dairy processing and distribution operations was
grandfathered as an acceptable non-complying use
within the BMX-3 zoning. See Section 21-4.110 for
more information on nonconformities: https://www.
honolulu.gov/rep/site/ocs/roh/ROH_Chapter_21_art4-
6.pdf
The future Ala Moana mass transit rail station will be
located about one-half (1/2) mile from the subject site.
Due to its proximity to the rail station, the Property
falls within the Ala Moana Neighborhood TOD Plan
which recommends a 5.0 floor-area-ratio (“FAR”) and
250 feet height limits for 1302 Elm Street and 824
Sheridan Street.
The neighborhood is undergoing a major
transformation as many older single-story and
low-rise buildings in the area are planned or under
construction to be redeveloped into high-rise
condos or hotels to keep up with demand. These
developments benefit from increased density
consistent with the TOD district.
OFFICE/OFFICE/WAREHOUSE/WAREHOUSE/
PARKINGPARKING
MANUFACTURINGMANUFACTURINGWAREHOUSEWAREHOUSE
LIONA STLIONA ST
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(1)See page 8
TRANSPORTATION TRANSPORTATION SERVICE BUILDINGSERVICE BUILDING
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925 Cedar Street
Improvements: Office/Warehouse/Parking
This building includes offices on the second floor with a warehouse on the ground floor
Building Size: 26,314 SF(1)
Office 13,541 SF
Warehouse/Distribution 12,773 SF*
Land Size: 14,444 SF
*Includes 768 SF of portable cold storage located within the first floor warehouse
LIONA STREET
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PROPERTY DESCRIPTION
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(1)See page 8
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HAWAII ENGINEERING GROUP, Inc.1088 Bishop Street, Suite #2506Honolulu, Hawaii 96813Phone: (808) 533-2092Fax: (808) 533-2059
Flood Certification
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Miscellaneous Notes
Statement of EncroachmentsLegend of Symbols & Abbreviations
Surveyor's Certification
NLocation Map
ALTA / NSPS LAND TITLE SURVEYALL OF THAT CERTAIN PIECE OR PARCEL OF
LAND BEING THE CONSOLIDATION OFLOTS 53 AND 54 OF THE KING STREET TRACT,REGISTERED MAP NO. 2173 AND BEING ALSO
A PORTION OF ROYAL PATENT 5715,LAND COMMISSION AWARD 10605,
APANA 7 TO KAMAKEE PIIKOI
925 Cedar StreetKewalo, Honolulu, Oahu, Hawaii
T.M.K. : (1) 2-3-013:007
Job No. 20-069
Island Map
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Schedule A - Legal Description Schedule B, Part II - Exceptions
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Zoning Information
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Project Site
6 | CUSHMAN & WAKEFIELD CHANEYBROOKS • MEADOW GOLD DAIRY HONOLULU
1302 Elm Street
Improvements: Manufacturing Warehouse
This building includes the main distribution area, warehouse and cold storage
Building Size: 40,120 SF(1)
Warehouse 24,645 SF
Distribution 7,976 SF
Cold Storage 7,499 SF
Land Size: 41,307 SF
(1)See page 8
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HAWAII ENGINEERING GROUP, Inc.1088 Bishop Street, Suite #2506Honolulu, Hawaii 96813Phone: (808) 533-2092Fax: (808) 533-2059
Flood Certification
MN3
MN2
MN4
MN1
Miscellaneous Notes
Statement of Encroachments
Surveyor's Certification
NLocation Map
ALTA / NSPS LAND TITLE SURVEYALL OF THOSE CERTAIN PIECE OR PARCELSOF LAND BEING ALL OF LOTS 56, 57 AND 58
AND PORTIONS OF LOTS 55, 59 AND 60 OF THEKING STREET TRACT, REGISTERED MAP NO.2173 AND BEING ALSO A PORTION OF ROYAL
PATENT 5715, LAND COMMISSION AWARD10605, APANA 7 TO KAMAKEE PIIKOI
1302 Elm StreetKewalo, Honolulu, Oahu, Hawaii
T.M.K. : (1) 2-3-013:012
Job No. 19-060
Island Map
HALEIWAMOKULEIA
WAIALUA
MAKAHA
WAIANAE
NANAKULI
KAPOLEI
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AIEA
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HONOLULU
EWA BEACH
KAENA POINT
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Project Location
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Schedule A - Legal Description Schedule B, Part II - Exceptions
MN5
Zoning Information
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Project Location
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824 Sheridan Street
Improvements: Transportation Service Building
This is a small service building primarily utilized for truck repairs and maintenance
Building Size: 4,651 SF(1)
Land Size: 38,060 SF
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Drawing not to scale
(1)See page 8
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HAWAII ENGINEERING GROUP, Inc.1088 Bishop Street, Suite #2506Honolulu, Hawaii 96813Phone: (808) 533-2092Fax: (808) 533-2059
Flood Certification
MN3
MN2
MN4
MN1
Miscellaneous Notes
Statement of Encroachments
Surveyor's Certification
NLocation Map
ALTA / NSPS LAND TITLE SURVEYALL OF THOSE CERTAIN PIECE OR PARCELSOF LAND BEING ALL OF LOTS 56, 57 AND 58
AND PORTIONS OF LOTS 55, 59 AND 60 OF THEKING STREET TRACT, REGISTERED MAP NO.2173 AND BEING ALSO A PORTION OF ROYAL
PATENT 5715, LAND COMMISSION AWARD10605, APANA 7 TO KAMAKEE PIIKOI
824 Sheridan StreetHonolulu, Oahu, HawaiiT.M.K. : (1) 2-3-013:013
Job No. 20-068
Island Map
HALEIWAMOKULEIA
WAIALUA
MAKAHA
WAIANAE
NANAKULI
KAPOLEI
WAIPAHUPEARL CITY
AIEA
WAHIAWA
MILILANI
KAHUKU
LAIE
HAUULA
KAAAWA
KANEOHE
KAILUA
WAIMANALO
HAWAII KAIAINA HAINA
WAIKIKI
HONOLULU
EWA BEACH
KAENA POINT
H2
Project Location
H3
H1
MN5
Zoning Information
MN6
MN7
MN8
Project Location
Schedule A - Legal Description Schedule B, Part II - Exceptions
P:\Job 2020\20-068 DeanFoods-
824-826SheridanSt\dwg\824_826 Sheridan Street.dwg, 5/21/2020 4:10:10 PM, ARCH full bleed D (36.00 x 24.00 Inches)
1440 Kapiolani Blvd, Suite 1010Honolulu, HI 96814 | USA
www.chaneybrooks.com
JOSEPH T. HAAS (B)Managing Director+1 808 544 [email protected]
EXCLUSIVE LISTING BROKERS:
ANDREW D. STARN (B)Senior Vice President+1 808 544 [email protected]
ANTHONY PROVENZANO (B) SIOR, CCIMSenior Vice President+1 808 387 [email protected]