Hawaii Tokai College's high-rise tower sold for $35M

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A Japanese college's vacant high-rise tower along Kapiolani Boulevard in Honolulu that has been on the market for several years has been sold for $35 million.
The Hawaii Tokai International College, which moved its campus to Kapolei in West Oahu, sold its Honolulu building that overlooks Waikiki to a joint venture involving California real estate investment firm Kennedy Wilson and former Hawaii hotel executive Ben Rafter.
The sale of the 172,000-square-foot building at 2241 Kapiolani Blvd. closed on Monday. 
It originally had an asking price of $42 million. The property has a total assessed value of about $37 million.
Several investors looked at buying the Tokai property, including those from China and here locally. 
It's not clear as to what the new owners plan to do with the building that occupies a roughly 35,000-square-foot lot. 
Current zoning doesn't allow for a hotel on the property, but other options could include re-opening it for educational uses and student dormitories, or even as a residential project.
Rafter is the former chief of Aqua-Aston Hospitality, while Kennedy Wilson's Hawaii properties include the exclusive residential Kohanaiki community on the Big Island. The firm also is working on a project on Oahu's North Shore.

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