The SRS Real Estate Partners National Net Lease Group (NNLG) offices in Newport Beach, CA and Honolulu, HI have represented the seller in the $5.5 million sale of a single-tenant retail property occupied by Cost-U-Less in Hilo, HI. The buyer of the 23,000-square-foot warehouse-style chain store was a Hawaii-based private investor.
“This asset presents an ideal, low-management investment for the new ownership,” said SRS NNLG’s Nicholas J. Paulic in Honolulu, HI who brokered the deal along with AJ Cordero in Hawaii and Matthew Mousavi and Patrick Luther in Newport Beach. Paulic added, “This successful discount retail tenant recently extended its lease another five years, demonstrating confidence in the local market.”
The Hilo Cost-U-Less is located in a busy corridor with other national retailers including Home Depot, T.J. Maxx, Starbucks, Old Navy and Ross Dress for Less.