Premier Place
MAUI - Class A Multi-Tenant Office Investment Opportunity
Marketing description
CBRE Capital Markets, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in Premier Place (the “property”). The property consists of a two-story class-A low rise office building totaling 47,732 square feet on 2.81 acres of land. The Building has been institutionally owned and managed since 2021. It is currently 97.5% leased to a highly diversified group of national, local, and government tenants with the largest tenant having the longest lease term. With institutional-grade credit tenants, rents well below market, and a WALT of 4.25 years, this is a core-plus investment opportunity with value-add traits.
Positioned at 535 Lipoa Parkway within the prestigious Maui Research & Technology Park, the property benefits from a well-established presence in a dynamic business environment surrounded by a diverse mix of local and national companies, healthcare providers, and government agencies.
Constructed in 1991, Premier Place is a two-story, multi-tenant corporate style office building situated on a professionally landscaped parcel that offers generous on-site parking and contemporary architectural design. The building has consistently demonstrated strong historical occupancy and currently enjoys stable in-place tenancy, providing secure cash flow and operational stability.
With upside potential through mark-to-market rents, Premier Place offers investors a unique opportunity to capitalize on long-term value in one of Hawaii’s most supply-constrained office markets, with close adjacency to the luxury Wailea market. The combination of location, tenant mix, and market fundamentals position Premier Place as a best-in-class investment opportunity in Maui.
Investment highlights
NET LEASED CLASS A OFFICE INVESTMENT - A net leased multi-tenant investment opportunity with lease security and excellent WALT. The largest tenant has the longest lease term.
BELOW MARKET RENTS - The net rents are 13% below market offering an investors an exceptional mark-to-market opportunity when leases rollover.
HIGH BARRIERS TO ENTRY - Limited commercial zoned land, extended entitlement process, and high construction costs make new office development in Maui rare.
STABLE IN-PLACE CASH FLOW - The property is currently 97.5% leased to a diverse tenant mix including strong national (First American Title), local, and public company credit. 78% of the building is leased to federal government (FEMA), state government (Hawaii Technology Academy), and defense-related credit tenants (KBR, L3Harris).
DIVERSE PROFESSIONAL TENANT ROSTER - Well diversified and balanced rent roll with a wide range of industries including real estate, government, investment and education.
RARE MAUI OFFICE OPPORTUNITY - One of the few institutional quality, multi-tenant office buildings in Maui at a significant discount to estimated replacement cost of $650 PSF.
DESIRABLE LOCATION - Located in the Maui Research & Technology Park in Kihei, the property boasts world-class views and excellent proximity to Wailea, Makena and Kihei resorts, residential communities, and central government services.
RESILIENT SUBMARKET - Kihei’s commercial inventory remains tight with very low office vacancy rates and limited to no future supply.
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