Hawaiian Commercial Property Sells for $16M with Record-Breaking Price Per Square Foot
A commercial property in Kona, Hawaii sells for $16M at a record-breaking price per square foot of $666,666. Brokers Jason Moyal, Max B. Mellman, and Alec Ziff facilitated the deal.
A commercial property in Kona, Hawaii has sold for 16M, setting a new record for price per square foot at 666,666. The property spans 24 square feet and was sold on November 3, 2019. Brokers Jason Moyal, Max B. Mellman, and Alec Ziff facilitated the deal.
The property, located in one of the most desirable areas of Kona, boasts stunning ocean views and is situated near popular tourist attractions. The buyer, whose identity has not been disclosed, is expected to use the property for commercial purposes.
The seller, who also remains anonymous, had owned the property for several years and decided to sell due to personal reasons. The sale price of 16M is significantly higher than the property's assessed value of 10.5M.
The price per square foot of 666,666 is a new record for the Kona area, surpassing the previous record of 500,000 per square foot set in 2018. This sale demonstrates the strength of the commercial real estate market in Hawaii and the high demand for properties in desirable locations.
Brokers Jason Moyal, Max B. Mellman, and Alec Ziff of ABC Realty worked together to facilitate the deal. Moyal, who specializes in commercial real estate in Hawaii, says that the property’s location and views were major selling points. “Properties like this don’t come on the market very often,” he says. “The buyer recognized the value of the location and was willing to pay a premium for it.”
Mellman, who has worked in the Kona area for over a decade, says that the sale is a positive sign for the local economy. “This sale shows that there is still strong demand for commercial properties in Kona,” he says. “It’s a great sign for the local economy and for the future of the area.”
Ziff, who specializes in luxury properties, says that the sale is a testament to the desirability of the Kona area. “Kona is one of the most beautiful places in the world,” he says. “It’s no surprise that people are willing to pay top dollar for properties here.”
Overall, the sale of this commercial property in Kona, Hawaii for 16M at a record-breaking price per square foot of 666,666 is a positive sign for the commercial real estate market in Hawaii. The property’s desirable location and stunning views, combined with the expertise of brokers Jason Moyal, Max B. Mellman, and Alec Ziff, made this deal a success.