An affiliate of Next Parking LLC and subsidiary of Next Realty LLC, has acquired the Alakea Parking Lot, a surface parking property in Honolulu, Hawaii. Terms of the transaction were not disclosed.
The parking lot is located at 1192 Alakea Street, the northwest corner of Alakea and Beretania Streets in Honolulu’s Central Business District. The property consists of a 12,872 square foot site with an existing 36 car surface lot. Of those spaces, 23 are available as public parking.
“This acquisition represented a rare opportunity to buy a parking property in the heart of a vibrant but underserved Central Business District of a major metropolitan area,” said Robert Caplin, Executive Vice President of Next Parking. “We’re excited to add to our parking portfolio of surface lots and parking garages across the country.”
The parking property is conveniently situated in Honolulu’s CBD, enjoying close proximity to a number of significant government entities and private businesses. Directly across the street from the lot is the District Court of the State of Hawaii. The State of Hawaii Capitol Building, Queen’s Medical Center, the Hawaii Pacific University and The Cathedral of St. Andrew, are all located within a two-block radius; and a number of office and residential buildings are located in the immediate vicinity.
The site was previously occupied by a restaurant, which was demolished and the site was converted into a public parking lot in 2009. The property was acquired from a southern California development firm.