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News release

HONOLULU, HI

Rare Corner Opportunity Comes to Market at Honolulu’s University Square

Land parcel and mixed-use retail and office building offers potential for vertical redevelopment in up-and-coming Moiliili neighborhood


HONOLULU, June 23, 2015 – JLL today announced it’s bringing to market University Square, as a long-term ground lease of up to 60 years or for sale, on behalf of the Bank of Hawaii Trust Department. The 40,412-square-foot office and retail property, which rests on nearly an acre of land, is located at the intersection of South King Street and University Avenue, in the heart of the urban district of Moiliili in Honolulu on the Island of Oahu.  The site is currently zoned BMX-3, which would allow for a potential vertical commercial and residential development significantly larger than the existing building.

Senior Vice President and Hawaii Retail Brokerage Lead Wendell F. Brooks III and Senior Associate Kimo Greenwell are leading the JLL team on this transaction.

“The opportunity to lease or own nearly an acre of land in urban Honolulu doesn’t come around very often. This is a once-in-a-lifetime opportunity for potential new owners or lessees to redevelop the space and transform the area into a new retail hub,” said Brooks. “University Square offers significant upside potential and is expected to gain tremendous interest from the investment community.”

University Square is located at main and main, just minutes away from the University of Hawaii, on a central thoroughfare for traffic. While University Square is currently 81 percent leased, all building leases expire at the end of 2015. The new ground lessee may elect to re-tenant the existing building or redevelop the site with a greater density. Its current tenants will have the opportunity to discuss extending their leases on a case by case basis.

In Hawaii, JLL has more than 50 retail professionals and leases and/or manages some of the state’s largest and most prestigious shopping centers, including Windward Mall in Kaneohe, Queen Ka’ahumanu Center in Kahului, Kings’ Shops in Waikoloa, as well as Hawaii Kai Towne Center and Laulani Village on Oahu.

JLL’s Retail Group serves as the industry’s leader in retail real estate services. The firm’s more than 800 dedicated retail experts in the Americas partner with investors and occupiers around the globe to support and shape investment and site selection strategies. Its retail specialists provide independent and expert advice to clients, backed by industry-leading research that delivers maximum value throughout the entire lifecycle of an asset or lease. The firm has more than 100 retail brokerage experts spanning more than 25 major markets, representing more than 550 retail clients. As the largest third party retail property manager in the United States, JLL’s retail portfolio has more than 500 centers totaling 69 million square feet under management in regional malls, lifestyle centers, grocery-anchored centers, power centers, central business districts, transportation facilities and mixed-use projects.  For more news, videos and research from JLL’s Retail Group, please visit: www.jllretail.com.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page:   http://bit.ly/13y6hnB

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.