(Kapolei, Hawaii, March 9, 2016) — Avalon Development Company’s completion and blessing of Kapolei Business Park Phase 2 competed roadway last week resulted in a flurry of interest in the 54-acre business park. Approximately 72 percent of the completed 34-acre Phase 2A has now closed or is in escrow. This represents 11 of the 17 completed lots.
Seven more lots will become available in July this year when Phase 2B is completed on the 14-acre section of the business park. High demand is driving an increase in prices by $1 more per square foot or $43,560 more per acre. This price increase will go into effect April 1.
“The demand is a result of the very limited options for businesses looking for environmentally clean, zoned and build-ready industrial space on Oahu,” said Christine Camp, president and CEO of Avalon Development. “The buyers of the first 11 lots recognize that Kapolei is the growth center of the island and is the strategic choice for business growth.”
The first business to break ground at the business park is American Tire Warehouse which is building a 24,000-square-foot warehouse. American Tire Warehouse President Alan Batty, who spoke at the blessing, proudly pointed out the construction activity occurring on his company’s new lot and said, “Five years ago, we rented space in Kapolei and saw our business grow. This second phase of Kapolei Business Park allows us the opportunity and the facility to respond faster to our customer’s needs by avoiding the traffic closer to downtown.”
American Tire Warehouse is a family-owned and locally-owned small business that has provided auto repair and commercial tires for the last 23 years—and they are planning to stay in business for many more years. “Owning the land underneath our business secures our future,” said Daniel Batty, Alan’s son and the company’s general manager. “We can build equity and not worry about rent increases or the prospect of possibly losing the facility if the landowner decides to put the land into some other use.”
“We’re pleased with the positive response to the project,” said Camp. “This project represents an investment of $50 million so far in the ground. There will be another $60 million coming in this year alone in the form of vertical development.”
In a statement sent from the nation’s capital, Congressman Mark Takai commended Avalon Development and said, “The development of Kapolei Business Park will open opportunities for small businesses to operate in close proximity to a large market, as well as other commercial ventures. Our Economy is the foundation upon which our great state is built. Phase 2 of the Kapolei Business Park provides our local businesses and entrepreneurs with the infrastructure they need to build a robust economy for our citizens.”
Speaking at the event, Rep. Ty Cullen said, “Kapolei’s growth has been remarkable. This project will provide residents with more opportunities to work close to home and avoid having to drive into town for work.”
“This investment is really about investing in our local people,” said Rep. Sharon Har who also spoke at the event. “It’s a great opportunity for them to find high-paying jobs where they live.”
Aside from American Tire Warehouse, businesses who have purchased lots include: Medline Industries (a medical supply company), Ito En (a beverage company), Richard Pentacost who is currently developing an indoor soccer facility, and Penske (a national truck rental business).
Scott Mitchell and Guy Kidder of Colliers International are the listing agents for Kapolei Business Park. For more information on Kapolei Business Park Phase 2, go to www.kapoleibusinesspark.com or call 587-7770.