A Beverly Hills, Calif.-based real estate developer has acquired a warehouse in Waipahu, Hawaii, for $6 million and plans to convert the 73,000-square-foot structure into self storage and rentable penthouse-office suites. The four-story property at 94-130 Leokane St. will feature more than 600 storage units, 60 commercial parking spaces, a tenant business center and a manager’s residence, according to a press release issued by NAI Capital, the commercial real estate firm that brokered the sale. The facility is expected to open during the first quarter of 2017.
The concrete building includes an interior loading dock large enough to accommodate three vehicles, a management office and two service elevators. The structure was built in 1980 on a 20,000-square-foot lot, according to real estate website LoopNet.com. It’s walking distance to Planned Rail Station and Farrington Highway.
Stephen Grossman, senior vice president of NAI’s Self Storage Investment Group, brokered the transaction.
Based in Encino, Calif., NAI Capital specializes in the acquisition, development and sale of self-storage properties in California and Hawaii. The company has 14 offices in Southern California and is an affiliate of NAI Global, a real estate service network with 350 offices worldwide.