From: Pacific Business News

Nicolai family buys Kapiolani building for $13.8M

One Kapiolani LLC, an entity formed by the Nicolai family of the JN Automotive Group, has purchased “One Kapiolani,” a two-story, 44,231-square-foot office building, for $13.8 million.

The building, which is located at the intersection of Kapiolani Boulevard, South Street and S. King Street, includes ground-floor retail space and sits on about 78,000 square feet of land. It had been on the market for an undisclosed price since last September.

Wisconsin-based CUNA Mutual Investment Corp. owns the property, which has an assessed value of $9.35 million, according to the most recent City and County of Honolulu property tax records. The same records show that CUNA bought One Kapiolani for $7.25 million in 1985.

New York-based Cushman & Wakefield and Honolulu-based Sofos Realty Corp., a tenant in the building, represented the seller in the fee-simple transaction. Steve Sofos, president and CEO of Sofos Realty, said his firm will continue as property manager and leasing agent for the building, which has 19 tenants, including TJ’s Sports Bar & Grill and Kabuki Restaurant.

“There were many interested parties and many offers,” Sofos told PBN in an email. “[It will be] business as usual and maybe some day they’ll put a car dealership on the ground floor and build a parking deck for car storage on part of the property, or just a pure investment.”

Joe Nicolai, founder of JN Automotive Group, could not be reached for comment.