HG Capital Acquires 54 Acres in Hawaii's Fastest Growing Region

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HG Capital, in joint venture with Lokahi Ventures and RSF Partners, acquires 54 acres of industrial-zoned land in Kapolei on Oahu, Hawaii.

HG Capital, LLC (HG) is the lead investor in a joint venture with Lokahi Ventures and RSF Partners that has acquired 54 acres of industrial-zoned land in the Kapolei Business Park on the Island of Oahu, Hawaii. After the property has been subdivided and the infrastructure put in place, approximately 60 industrial lots will be sold to users and developers. HG Capital invested approximately $7m in the $23m transaction that closed with a land loan from the Bank of Hawaii.

A 32,000-acre master-planned city on the island of Oahu, Kapolei is the fastest growing region in Hawaii. The Kapolei Business Park is approximately 20 miles west of downtown Honolulu, adjacent to the Kalaeloa/Barbers Point Harbor and the James Campbell Industrial Park. Due to the region's 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.

Kapolei Business Park is one of the last industrial park alternatives expected in the near future on Oahu. The lots will be sold on a fee-simple basis, making it more attractive than other properties that may be available only as leaseholds, as is common on the Islands. The project sponsor's extensive experience and success operating in Hawaii and in the industrial sector, the Honolulu market's strong growth rate and tight supply of available land, and the attractive land basis make this an exciting investment.

Scott Mitchell and Guy Kidder from the Honolulu office of Colliers Monroe Friedlander (http://www.colliershawaii.com) were the brokers for the transaction.

About HG Capital, LLC

HG Capital, LLC (HG) (http://www.hgre.com) 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 and Hawaii. 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 1994. With

offices in Menlo Park and Newport Beach, California, HG has established a successful track record based on its highly responsive and entrepreneurial approach to real estate investing.

About Lokahi Ventures, LLC

Lokahi Ventures, LLC (“LV”), whose principals are Mark S. Whiting and Paul T. Lambert, is a real estate company that focuses on development opportunities in Hawaii. Prior to forming LV, Mark Whiting served as CEO, President and Director of TriNet Corporate Realty Trust (a NYSE listed REIT that was acquired by Starwood Financial) and was also Manager of Resort Development for the Wailea Development Company in Hawaii. Paul Lambert was a Managing Partner of the Shidler Group, a nationally focused, Hawaii-based development and investment company. He was also the founder and Director of First Industrial Realty Trust (NYSE: FR), one of the largest owners and developers of diversified industrial real estate in the nation.

Contact:

Andrew Jobst

HG Capital, LLC

(650) 322-3400 ext. 205

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Andrew Jobst
HG Capital, LLC
650-322-3400
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