Waipio Business Center, Waipahu, Hawaii
- Graymark uncovered a significant opportunity in industrial product outside Honolulu.
- Purchased a fractured industrial condo project at an attractive basis to re-lease units and/or sell units in a strong industrial market.
- Project consists of 120,000 SF, 46 units, purchased in 2014.
- 79% leased at purchase, providing leasing upside.
- 2008 construction purchased at 60% of replacement cost.
- Program is to achieve 20% increase to market rents or sell units upon tenant rollover – project is ahead of proforma on both sales and leasing.
- Sold 35% of the units at a 45% profit margin. Achieved a 30% increase from prior rents on leased units.
BACK TO PORTFOLIO