South Kohala land on sale for $34M
A California investor put 10,019 acres of land in South Kohala on sale for $34 million.
The properties are separated into 14 parcels, located near Waikoloa Village along Queen Kaahumanu Highway, Mamalahoa Highway and Waikoloa Road, according to the broker, Honolulu-based NAI Chaney Brooks.
Included in the offering is a 387-lot development with an approved subdivision plan, said William Alpeter, NAI Chaney Brooks vice president.
The properties are being sold as a bulk sale at less than half the appraised value.
Alpeter said offers for less than the full acreage will be considered.
The current owner, Waikoloa Mauka LLC, bought the lands in 2005.
Alpeter said the lands are being sold for a discounted price because they are part of a bulk sale.
“We got a bunch of interest all the way from China to mainland investors,” he said.
The lands were first listed for sale about a year ago. They are being put back on the market after a deal recently fell through, Alpeter said.
He said the the previous prospective buyer wanted to use the land for workforce housing. He said that might be the best fit for the property, but commercial, agriculture and other types of residential development are also good uses.
The sale price works out to $3,393 per acre.
Waikoloa Mauka LLC is located in Glendale, Calif.
It previously sought approval for a 398-lot project south of Waikoloa Village, known as Waikoloa Highlands. In 2012, it asked the county for a five-year extension for the project.
State business records list Remington Chase as Waikoloa Mauka LLC’s manager.
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