Menlo Park, CA (PRWEB) February 22, 2005 -
HG Capital, LLC (HG), in a joint venture with Low & Archibald Real Estate Group, Inc., is pleased to announce the acquisition of 6 acres in the Kapolei Business Park for the development of approximately 106,000 square feet of new industrial condominium space in Honolulu County, on the island of Oahu. HG Capital invested 85% of the contributed equity in the $18 million project. The remainder of the projectÂs capitalization came from developer co-investment and a construction loan from Fremont Investment and Loan.
Kapolei is a 32,000-acre master-planned city on the island of Oahu, and is the fastest growing region in Hawaii. The Kapolei Business Park is approximately 20 miles west of downtown Honolulu, and adjacent to the Kalaeloa/Barbers Point Harbor and the James Campbell Industrial Park. Due to the regionÂs strong growth and the overall shortage of available industrial-zoned land in Hawaii, the Honolulu submarket has an exceptionally low vacancy rate of approximately 1.7% for industrial space.
Designed to meet the growing space demand from small to mid-size businesses, the project consists of the construction of ten light industrial buildings totaling approximately 106,000 square feet. The buildings are divisible into 37 individual condominium units that will be sold to owner-users or private investors.
About HG Capital, LLC
HG Capital, LLC (HG) is a real estate investment group that provides joint venture equity capital to real estate owners and developers for value-added and opportunistic real estate projects in the western United States. HG makes principal investments from its discretionary management of the HG Capital private equity funds. HG manages over $100 million of equity capital and has invested in over $1 billion worth of projects since 1995. With offices in Menlo Park and Newport Beach, California, HG has established a successful track record based upon its highly responsive and entrepreneurial approach to real estate investing.
About Low & Archibald Real Estate Group
Low & Archibald Real Estate Group (LAREG) is a Newport Beach-based developer of quality industrial properties in the western United States. The company specializes in the development of for-sale office and industrial condominiums and buildings in the diversified markets of Southern California.
Contact: Greg Alden
HG Capital, LLC
(650) 322-3400 ext. 202