Cushman & Wakefield and Sofos Realty Corporation jointly announced today that 2181 Kalakaua Ave., a retail condominium located on the ground floors of the Hokulani Waikiki Hilton Hotel in Honolulu, HI, has been offered to the market for sale. While officially unpriced, the asset is expected to sell for in excess of $75 million.

The property consists of a total of ±11,417 square feet (sf) of high-end retail space, composed of ±7,413 sf of ground floor space, ±3,986 square feet of second floor space, plus ±3,817 sf of exclusive outdoor patio space also on the ground floor. There are also 19 parking spaces included with the property ownership.

The sale of the asset is being led by Steven Sofos, CEO, founder of Sofos Realty Corporation and Anthony Provenzano of the firm along with exclusive advisors Chuck Klein, Executive Director, and Matthew McNeill, Director, of Cushman & Wakefield San Diego who specialize in retail net leased investments nationwide. The seller is a private Family Trust.

Mr. Sofos said, “The property is very well located in the chic and prestigious retail district of Waikiki along Kalakaua Ave., regarded as the state’s flagship tourist and shopping destination and one of the most successful retail markets in the U.S.

“Additionally, the property is just steps away from high branded retailers like Prada, Chrome Hearts, Max Mara, Louis Vuitton, and Fendi, Waikiki’s Luxury Row, famous Waikiki beach, and nearly two dozen hotels and 29,000 rooms are within walking distance. This is one of the most desirable locations along Kalakaua Ave. with exceptional foot traffic and visibility.

The property is currently leased to First Hawaiian Bank, which has tenanted the property for over 60 years. A portion of the space is also sub-sublet to retail sporting company Quiksilver.

According to Mr. Klein, “2181 Kalakaua presents a rare opportunity to acquire a highly desirable property with both a ‘high street and main & main street’ vibe set in one the most heavily trafficked locations in the world. Waikiki is one of the most captivating places in the world and is internationally renowned as a premier tourist destination which will resonate with domestic and international investors alike.”

He added, “There are a multitude of attractive physical and financial characteristics that make this condominium a unique and ideal acquisition for either an investor or a luxury retailer looking to own their own real estate and capitalize on this truly unique opportunity.”

Oahu had a record number of visitors in 2016 with nearly 5.5 million visitors and $7.3 billion in spending. Additionally, the Japanese visitor market, a significant contributor to the island’s tourism, continued to increase visitor spending statewide to $2.1 million due to increased air service to Honolulu.

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