Macy's sells its Oahu distribution warehouse for $26.75M

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Macy’s has sold its seven-acre distribution warehouse property in the Campbell Industrial Park in West Oahu to a San Francisco real estate investment company for $26.75 million, Shimogawa Scoops has learned.
Located at 91-262 Oihana St. in Kapolei, the property, which includes a 162,923-square-foot building, was sold to Graymark Capital, which also owns the Waipio Business Center in Waipahu in Central Oahu.
The purchase comes out to $84.69 per square foot on the land and $164.19 per square foot on the building.
Graymark said it purchased the property at about 66 percent replacement cost through a sale/leaseback to Macy’s for 10 years at 52 percent on the square footage.
The firm plans to collect credit protected cashflows and increase rents to market upon expiration of the lease.
Graymark, which focuses on the San Francisco, Silicon Valley, Los Angeles, Orange County, San Diego, Portland, Seattle and Hawaii markets, acquires and manages institutional-quality commercial real estate on the West Coast, according to its website.

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