BUSINESS MIXED USE FACILITY IN THE HEART OF HONOLULU

H O N O LU LU , H AWA I I

MEADOW GOLD DAIRY HONOLULU HEADQUARTERS925 Cedar Street, 1302 Elm Street & 824 Sheridan Street, Honolulu, HI 96814

Confidential Offering Memorandum

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2 | CUSHMAN & WAKEFIELD CHANEYBROOKS • MEADOW GOLD DAIRY HONOLULU

THE OFFERING\Cushman & Wakefield ChaneyBrooks is pleased to offer for sale a rare opportunity to purchase 2.15 acres

of urban in-fill, zoned BMX-3, with a Transit-Oriented District (“TOD”) overlay, in the heart of Honolulu (the

“Property”). The mixed-use site is improved with 71,085 SF of warehouse, manufacturing, cold storage and

office space spanning over three adjacent parcels.

The Property is ideal for an investor, owner-user or developer due to the scarcity of manufacturing distribution

facilities in the submarket, lack of available land, and transformation of the surrounding area.

The Property falls within the Ala Moana TOD Plan which allows for increased density and represents an

exceptional opportunity for redevelopment for a residential or mixed-use high-rise building.

EXECUTIVE SUMMARYINVESTMENT SUMMARY

Asking Price

$25,000,000

Building Size

71,085 SF(1)

Land Area

2.15 Acres 925 CEDAR STREET, 1302 ELM STREET, & 824 SHERIDAN STREET Honolulu, HI 96814

Asking Price $25,000,000

TMK Nos. (1) 2-3-13: 7, 12 & 13

Tenure Fee Simple

# of Buildings 3

Building Size 71,085 SF(1)

Land Area 2.15 Acres

Year Built 1962 to 1969

Zoning BMX-3 (TOD District)

PROPERTY DETAILS

(1)See page 32

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INVESTMENT HIGHLIGHTS

Extremely rare manufacturing facility in Honolulu’s urban core

Flexible Business Mixed-Use Zoning allowing for wide range of uses

Redevelopment opportunity within the Ala Moana TOD, which allows for increased density

Near the gentrification of the Ala Moana/Kapiolani area which is currently undergoing a major transformation

High demand for additional housing units to help offset Honolulu’s housing shortage

Desirable urban Honolulu location blocks from Ala Moana Center, Hawaii’s largest and most popular shopping center, and Ala Moana Beach

A short drive to major employment centers of Waikiki and Honolulu’s Central Business District

4 | CUSHMAN & WAKEFIELD CHANEYBROOKS • MEADOW GOLD DAIRY HONOLULU

PROPERTY SUMMARY

The Property is located on three (3) non-contiguous

parcels totaling 2.15 acres of commercial land in the

core of urban Honolulu. The site is improved with

approximately 71,085 SF(1) within three (3) distinct

industrial buildings: (i) the Office/Warehouse/

Parking, (ii) the Manufacturing Warehouse, and (iii)

the Transportation Service Building. The former

dairy processing and distribution operations was

grandfathered as an acceptable non-complying use

within the BMX-3 zoning. See Section 21-4.110 for

more information on nonconformities: https://www.

honolulu.gov/rep/site/ocs/roh/ROH_Chapter_21_art4-

6.pdf

The future Ala Moana mass transit rail station will be

located about one-half (1/2) mile from the subject site.

Due to its proximity to the rail station, the Property

falls within the Ala Moana Neighborhood TOD Plan

which recommends a 5.0 floor-area-ratio (“FAR”) and

250 feet height limits for 1302 Elm Street and 824

Sheridan Street.

The neighborhood is undergoing a major

transformation as many older single-story and

low-rise buildings in the area are planned or under

construction to be redeveloped into high-rise

condos or hotels to keep up with demand. These

developments benefit from increased density

consistent with the TOD district.

OFFICE/OFFICE/WAREHOUSE/WAREHOUSE/

PARKINGPARKING

MANUFACTURINGMANUFACTURINGWAREHOUSEWAREHOUSE

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(1)See page 8

TRANSPORTATION TRANSPORTATION SERVICE BUILDINGSERVICE BUILDING

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925 Cedar Street

Improvements: Office/Warehouse/Parking

This building includes offices on the second floor with a warehouse on the ground floor

Building Size: 26,314 SF(1)

Office 13,541 SF

Warehouse/Distribution 12,773 SF*

Land Size: 14,444 SF

*Includes 768 SF of portable cold storage located within the first floor warehouse

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PROPERTY DESCRIPTION

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HAWAII ENGINEERING GROUP, Inc.1088 Bishop Street, Suite #2506Honolulu, Hawaii 96813Phone: (808) 533-2092Fax: (808) 533-2059

Flood Certification

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Statement of EncroachmentsLegend of Symbols & Abbreviations

Surveyor's Certification

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ALTA / NSPS LAND TITLE SURVEYALL OF THAT CERTAIN PIECE OR PARCEL OF

LAND BEING THE CONSOLIDATION OFLOTS 53 AND 54 OF THE KING STREET TRACT,REGISTERED MAP NO. 2173 AND BEING ALSO

A PORTION OF ROYAL PATENT 5715,LAND COMMISSION AWARD 10605,

APANA 7 TO KAMAKEE PIIKOI

925 Cedar StreetKewalo, Honolulu, Oahu, Hawaii

T.M.K. : (1) 2-3-013:007

Job No. 20-069

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6 | CUSHMAN & WAKEFIELD CHANEYBROOKS • MEADOW GOLD DAIRY HONOLULU

1302 Elm Street

Improvements: Manufacturing Warehouse

This building includes the main distribution area, warehouse and cold storage

Building Size: 40,120 SF(1)

Warehouse 24,645 SF

Distribution 7,976 SF

Cold Storage 7,499 SF

Land Size: 41,307 SF

(1)See page 8

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HAWAII ENGINEERING GROUP, Inc.1088 Bishop Street, Suite #2506Honolulu, Hawaii 96813Phone: (808) 533-2092Fax: (808) 533-2059

Flood Certification

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Miscellaneous Notes

Statement of Encroachments

Surveyor's Certification

NLocation Map

ALTA / NSPS LAND TITLE SURVEYALL OF THOSE CERTAIN PIECE OR PARCELSOF LAND BEING ALL OF LOTS 56, 57 AND 58

AND PORTIONS OF LOTS 55, 59 AND 60 OF THEKING STREET TRACT, REGISTERED MAP NO.2173 AND BEING ALSO A PORTION OF ROYAL

PATENT 5715, LAND COMMISSION AWARD10605, APANA 7 TO KAMAKEE PIIKOI

1302 Elm StreetKewalo, Honolulu, Oahu, Hawaii

T.M.K. : (1) 2-3-013:012

Job No. 19-060

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824 Sheridan Street

Improvements: Transportation Service Building

This is a small service building primarily utilized for truck repairs and maintenance

Building Size: 4,651 SF(1)

Land Size: 38,060 SF

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HAWAII ENGINEERING GROUP, Inc.1088 Bishop Street, Suite #2506Honolulu, Hawaii 96813Phone: (808) 533-2092Fax: (808) 533-2059

Flood Certification

MN3

MN2

MN4

MN1

Miscellaneous Notes

Statement of Encroachments

Surveyor's Certification

NLocation Map

ALTA / NSPS LAND TITLE SURVEYALL OF THOSE CERTAIN PIECE OR PARCELSOF LAND BEING ALL OF LOTS 56, 57 AND 58

AND PORTIONS OF LOTS 55, 59 AND 60 OF THEKING STREET TRACT, REGISTERED MAP NO.2173 AND BEING ALSO A PORTION OF ROYAL

PATENT 5715, LAND COMMISSION AWARD10605, APANA 7 TO KAMAKEE PIIKOI

824 Sheridan StreetHonolulu, Oahu, HawaiiT.M.K. : (1) 2-3-013:013

Job No. 20-068

Island Map

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Schedule A - Legal Description Schedule B, Part II - Exceptions

P:\Job 2020\20-068 DeanFoods-

824-826SheridanSt\dwg\824_826 Sheridan Street.dwg, 5/21/2020 4:10:10 PM, ARCH full bleed D (36.00 x 24.00 Inches)

1440 Kapiolani Blvd, Suite 1010Honolulu, HI 96814 | USA

www.chaneybrooks.com

JOSEPH T. HAAS (B)Managing Director+1 808 544 1886jhaas@chaneybrooks.com

EXCLUSIVE LISTING BROKERS:

ANDREW D. STARN (B)Senior Vice President+1 808 544 1888astarn@chaneybrooks.com

ANTHONY PROVENZANO (B) SIOR, CCIMSenior Vice President+1 808 387 3444aprovenzano@chaneybrooks.com