Overview

Description

Coconut Grove Marketplace is being offered for sale as a rare opportunity to acquire an irreplaceable fee simple oceanfront retail center in the Hawaiian Islands. The center is located in the core retail hub of Kailua-Kona on the Big Island of Hawaii. The center contains 49,863 square feet located between the 2 main transportation corridors with combined traffic counts of over 45,000 vehicles per day. Coconut Grove is surrounded by more than 1,400 residential/hospitality units as well as being in close proximity to the world-renowned Ironman Championships held annually in Kailua-Kona. The center’s tenants have enjoyed strong sales with steady increases year over year. Coconut Grove’s architecture is a reflection of Hawaiian culture, which distinguishes it from the other retail centers in the trade area as well as having unobstructed ocean views.

The subject property’s ideal, oceanfront location is a major draw for both visiting tourists and local residents. Its iconic plantation style along with a sand volleyball court & amphitheater makes it the main attraction in the Kailua - Kona area. Coconut Grove is centrally located in Kailua-Kona, surrounded by resorts, hotels and condos. There are more than 34,600 permanent residents and over 15,000 daytime employees within 5 miles of the subject property, providing a steady stream of local customers. The Big Island’s prominent tourism industry continues to grow, with visitor expenditures increasing over 19% in the past year alone.

Highlights

• Irreplaceable Oceanfront Kailua-Kona Retail Location
• High Performing Restaurant and Retail Operators
• Abundance of Rare Beachfront Parking with New State of the Art Technology Producing Significant Ownership Revenue
• Strong NOI Growth Over 10 Year Holding Period
• Well-Maintained, Plantation Style Appearance
• Strong Demographics
• Kailua-Kona - Rapid Population Growth
• Growing Visitor/Tourism Trends
• High Barriers to Entry / Significant Cost to Build

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