HONOLULU (KHON2) — It is currently a multi-tenant industrial space taking up the entire corner where Hopaka and Kona Streets intersect, the property on 1127 Hopaka Street was recently put up for sale.
The property was listed by the real estate group Standard Commercial, and it sits in the middle of Kakaako.
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The property’s 12 units are currently occupied, mainly by auto dealers or repair shops. Won Park is the owner of MB Euromotors, he has been at that location for about 20 years, but not his future there seems uncertain.
He said he started to look for new possible locations.
Park said, “We can’t go to Kalihi or Waipahu for a new business again we have been here 20 years all of my clients are here. So I cannot really move, I don’t know.”
The tenants received a letter from Cooper Enterprises, Inc on Wednesday, Aug. 3. The letter informs them that the corporate owners have shown interest in listing the warehouse properties for sale to gauge interest and potential offers.
The letter also said, “Many of your leases are in place for years into the future, which will protect your interest during this time.”
The listing agent for the property, Ian Clagstone said the plan is to honor the remainder of the leases. Although all but one of the tenants have flexible leases with redevelopment clauses, which could allow landlords to terminate contracts to pursue redevelopment of the property.
The Kakaako zoned land allows for high-density development with up to a 400 feet height limit, the agent said there is no asking price and they will let the market decide.
But this year’s county’s assessment valued the land and building at $10.6 million.
In comparison, a nearby commercial building half the size currently asks for more than $8 million.
Many in the area knew change was coming, but they did not know when.
Park said, “We knew someday but didn’t expect this soon, so you know, all we know is the Kakaako area but too soon I guess.”
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KHON2 News has reached out to Cooper Enterpises, Inc. and are awaiting a response.