Honolulu, Hawaii/USA

The Weyerhaeuser building at 900 N. Nimitz Highway has been listed on the market for a minimum bid of $22 million.

Colliers Monroe Friedlander went to market last week with the two-story warehouse-office, which offers 165,900 square feet on nearly 4 acres that was previously home to Weyerhaeuser's box plant.

"We've received significant interest in the property, both locally and from the mainland," said listing broker Scott Mitchell, CMF's executive vice president. "It's a very central piece of property."

The large, rectangular building is on the corner of Nimitz Highway and Alakawa Street in the prime urban submarket of Iwilei, near Home Depot, Costco and Best Buy, and just minutes from Honolulu's central business district.

Visible from Nimitz Highway, the building is well equipped with 12 grade-level loading docks, three heavy-load freight elevators and a second-level forklift access port. It also has about 145 parking stalls.

Built in 1942, the building was home to Weyerhaeuser Co., a corrugated box manufacturing plant for 50 years before the company shut down its Honolulu facility in May.

The building sits on land (one large parcel and two smaller ones) that is zoned for industrial mixed-use, which means it can be used for a broad range of industrial, office and retail uses. The three parcels combined are assessed as industrial property at a value of about $15 million.

The Iwilei neighborhood, a former home to Hawaii's pineapple processing and canning plants, has become a magnet for larger stores. Lowe's owns the property bordering the Weyerhaeuser parcels, and is expected to build its second Oahu store there.

In mid-year 2008, the Iwilei industrial market posted a vacancy rate of 0.58 percent, and recorded a weighted average asking rent of $1.22 per square foot a month, which was its highest level in more than a decade.

The Iwilei industrial market offers about 2.4 million square feet of warehouse space, with a past trend of healthy growth in occupancy and rent increases.

About Colliers International

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 10,092 employees span the world in 267 offices in 57 countries. On a worldwide basis, Colliers manages 672,945,918 square feet, and has revenue of $US 1,620,958,349.

Contact Information

For further information please contact Andrew D. Friedlander at 808.523.9797 or via email at andrew@colliershawaii.com or Mike Y. Hamasu at 808.523.9792 or via email at mike@colliershawaii.com.

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