OHA acquires new property in Honolulu
HONOLULU (August 21, 2012) - The Office of Hawaiian Affairs today announced its acquisition of the Gentry Pacific Design Center, located in the 500 block of Nimitz Highway in Honolulu.
OHA completed the deal with GPP, LLC on Aug. 20, 2012. Colliers International will continue as property managers to minimize disruptions for businesses and to ensure that the transition is as seamless as possible. OHA will continue to honor current leases.
“The acquisition represents another meaningful step forward in our strategy of creating new opportunities to improve conditions for all Native Hawaiians,” said OHA Chief Executive Officer Kamana‘opono Crabbe. “This acquisition will be a positive addition to OHA’s portfolio as we diversify our investments.”
“The Gentry Pacific Design Center has been a landmark property for the Gentry companies for over 25 years,” said Gentry-Pacific, Ltd. President Candes Gentry. “My father’s vision of restoring the old American Can Co. factory, while maintaining its historic charm, is one of the many ways in which Tom Gentry impacted the blueprint of the islands. The Gentry Pacific Design Center sits in the center of the ever evolving face of Honolulu. Surrounded by the Kamehameha Schools Kaka‘ako SALT project, the OHA Kaka‘ako lands, the bustling Honolulu city wharfs, and a stone’s throw away from the downtown core, the Gentry Pacific Design Center is in the heart of the revitalization of Honolulu’s coastal gateway. We know that OHA will bring new energy to the Center and look forward to exciting new developments.”
The Office of Hawaiian Affairs will be going through a planning process to develop a more specific long-term vision for the building. Current plans call for moving OHA’s offices to the Gentry Pacific Design Center as space becomes available; however, there is no timetable for such a move.
Neither party was represented by a broker, but Matt Bittick and Skip Schuman, with Bishop Street Commercial, LLC, assisted in bringing the parties together for the transaction.