Nuuanu Square
Owner-User Redevelopment Opportunity
Marketing description
Cushman & Wakefield ChaneyBrooks is pleased to present Nuuanu Square for sale, a prime mixed-use asset located next to Honolulu’s Central Business District and Chinatown. This property consists of an 8,245 square foot retail building at 1365 Nuuanu Avenue and a 6,747 square foot office building at 23 S. Vineyard Boulevard, all situated on 20,125 square feet of fee simple land. The two-story retail building hosts well-known tenants such as Papa John’s Pizza, Velohana, a specialty cycling and triathlon shop, and Tiger Sugar, a premium quality bubble tea and boba shop. The three-story office building offers secure entry access to the second and third floors, with 15 reserved covered parking stalls and 6 reserved uncovered parking stalls on the ground floor. Additionally, the property features 24 customer parking spaces in front of the retail building, providing ample parking for visitors and tenants alike.
VALUE ENHANCEMENT OPPORTUNITIES:
LOWER OPERATING EXPENSES
There is potential to lower operating expenses by further enhancing energy efficiencies, such as a photovoltaic system and conversion to LED lighting.
UPGRADE TENANT MIX
Attract more customers by adding a new anchor tenant or upgrading the tenant mix of the center.
REDEVELOPMENT OPPORTUNITY
There is potential to redevelop the site with a residential component.
INCREASED INCOME POTENTIAL
There is upside potential by filling vacancies, increasing below market rents and monitoring of gross sales.
GENERATE MORE VEHICLE AND FOOT TRAFFIC
By modernizing the aesthetic appeal of the common areas and developing a master signage plan.
TRANSIT-ORIENTED DEVELOPMENT
The property is within a ½-mil of the future Chinatown Rail Station to add more regional and urban Honolulu accessibility.
Investment highlights
OWNER-USER OPPORTUNITY
A buyer can purchase the property and occupy the office component while offsetting ownership costs.
CENTRAL LOCATION
The site is conveniently located just outside Honolulu’s Central Business District and Chinatown with easy access to the H-1 Freeway.
FLEXIBLE BMX-4 ZONING
The property is zoned BMX-4 which allows for a variety of uses including business, office, retail, hotel, multi-family dwellings, bars, nightclubs, taverns and joint developments. SIGNALIZED CORNER WITH CONVENIENT ACCESS
Positioned at the signalized intersection of Vineyard Boulevard and Nuuanu Avenue, the property offers convenient ingress and egress from both streets.
HIGH VISIBILITY ON MAJOR THOROUGHFARE
The site enjoys outstanding visibility and traffic exposure with over 130 linear feet of frontage along Vineyard Boulevard, which sees 28,762 vehicles daily, and an additional 78 feet of frontage on Nuuanu Avenue, with 21,287 daily vehicles.
GROCERY SHADOW-ANCHORED SHOPPING CENTER
The center is shadow-anchored by national, big-box tenants, Safeway and Longs/CVS Drugstore.
COMPREHENSIVE FEE SIMPLE OFFERING
The asset includes an 8,245 square foot retail building paired with a 6,747 square foot office building, providing a versatile asset mix.
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