Honolulu, HI (August 4, 2023) – SRS Real Estate Partners announced today it has completed the $7.5 million leasehold interest (building ownership) sale of a two-story, 30,503-square-foot retail/office property anchored by Planet Fitness located at 75-1000 Henry Street in Kailua-Kona, HI.
Built in 1997 and situated on 1.49 acres, the multi-tenant property was 98% occupied at the time of the sale with Planet Fitness occupying the entire first floor. Other tenants include Anderson Wealth Planning, Fidelity National Title, and ProService Hawaii, among others.
SRS Vice Presidents Nicholas Paulic and AJ Cordero and Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a private partnership. The buyer was a Hawaii-based private investor.
“We received a number of offers on this generational asset,” said Paulic. “The sale of the property demonstrates that well-located multi-tenant assets with good real estate fundamentals are still in demand in today’s market.”
The asset is situated within the primary Kailua-Kona dense retail corridor and just a few blocks away from downtown Kailua-Kona and Kailua Bay and there are more than 30,000 residents and over 15,000 employees within a five-mile radius of the property.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.