Graymark Capital Acquires 162,923 Square Foot Distribution Warehouse in Kapolei
San Francisco, CA, December 2017 – Graymark Capital, Inc., in partnership with Equity Resources Investment, LLC, has acquired 91-262 Oihana Street, a 162,923 square foot industrial property in Kapolei, Hawaii for $26,750,000.
The property, constructed in 1976, is a distribution warehouse with 24 foot clear heights, container capacity, and multiple docks and grade level doors. Located in the growing Kapolei submarket of Hawaii, the property has access to the island from the H-1. The acquisition was a partial sale-leaseback from Macy’s, Inc and the property is 100% leased to two tenants.
The property was an appealing investment for Graymark due to the long-term partial leaseback with the seller, credit tenancy, discount to replacement cost and excellent market fundamentals.
Graymark’s COO and CFO Jeff Hoppen added, “The ownership team was able to purchase this highly-desired, fee simple distribution warehouse at an attractive basis in a market where Graymark continues to invest. Oahu is one of the strongest industrial markets in the country.”
The seller was represented by Norbert Buelsing, Peter Grossman and Jie Xie of CBRE, Inc. and the buyer was represented by Scott Crockford of CBRE, Inc.
About Graymark Capital
Graymark Capital, Inc. is a commercial real estate investment firm based in San Francisco, California that invests in commercial property throughout the West Coast. The company has acquired 1.8 million sf of institutional quality property valued at over $500 million since 2012. Founded by CEO Brian Hecktman, with COO/CFO Jeff Hoppen and SVP of Acquisitions Rick Lafranchi, the company focuses on opportunities where it can create significant value by capitalizing on the team’s collective experience from over $5 billion of real estate investment and development over the past 20 years.