Jupiter Holdings buys 123 Acres in Kapolei

Jupiter strikes again in West Oahu, this time in Royal Kunia, buying 123 acres from an affiliate of the Harry and Jeanette Weinberg Foundation. The purchase price was not disclosed, yet the transaction follows a recent trend for both parties. The sale is a continuation of non-core property sales by the Foundation who has parted ways with numerous Oahu and Maui properties in recent years. The land purchase for Jupiter comes not long after the 2019 purchase of 57 acres of mixed-used land in Kapolei from D.R. Horton for $21.5 million. The ensuing project, Ho’opili Business Park, is currently in marketing with Colliers. So far, the website doesn’t disclose pricing for individual lots. I would imagine we’ll see new land psf highs given the freeway adjacent location on the Eastern edge of Kapolei close to Koa Ridge where a few commercial lots recently sold in the $80 psf range. More info at: https://hoopilibusinesspark.com/.

Jupiter has a long history of Oahu industrial subdivision development going back many decades. The Royal Kunia purchase is another that fits the needs of a growing industrial user population with limited to no land for purchase. With vacancies continuing to hover around 2%, the development will likely be timed well as other West Oahu projects like Malakole Industrial Park and Honua Distribution Center come to market and continue to lease-up. Judging by the Ho’opili timing, it might another two years before we see lots actively marketed.

For more detail on the purchase, check out: https://www.bizjournals.com/pacific/news/2021/11/19/jupiter-holdings-buys-123-acres-in-royal-kunia.html