Honolulu commercial real estate firm partners sell prime property near Waikiki

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The partners of a Honolulu commercial real estate company have sold its property along Kalakaua Avenue near Waikiki to another real estate investor for about $6.2 million.
Located at 1694 Kalakaua Ave., the 4,511-square-foot building occupies a 12,932-square-foot lot and includes a few tenants including a sandwich shop and a Korean restaurant. The purchase comes out to nearly $480 per square foot for the property, keeping properties in or near Waikiki at a premium.
SC King LLC includes companies headed by Standard Commercial LLC partners Linda Gee, Matt Raff and Ian Clagstone.
SC King purchased the property that's near the Hawaii Convention Center a little more than a year ago for about $4.4 million, turning a nearly $2 million profit in just a year.
Jay Zhu, a real estate agent with Honolulu-based Z Properties LLC, is the buyer of the property. He formed Blue Bay Properties LLC for the purchase.
A Japanese conglomerate recently purchased a half-acre parcel nearby for $8.3 million, which came out to about $366 per square foot. 

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