Jul 22, 2014, 2:09pm HST
Longs Drugs to open new store in East Honolulu near Aina Haina Shopping Center
Longs Drugs, which opened this store in the Davies Pacific Center in Downtown Honolulu last summer, plans to open another location in East Honolulu near the Aina Haina Shopping Center.
Longs Drugs has purchased property for $7.6 million from the Jehovah’s Witnesses for a new store and pharmacy in East Honolulu near the Aina Haina Shopping Center, the broker who represented the seller told PBN.
Rhode Island-based CVS Caremark Corp.(NYSE: CVS), which owns the Longs Drugs chain in Hawaii, and KZ DevCo, the California-based company that serves as the drugstore chain's exclusive developer in the State of Hawaii, recently pulled building permits for the 1.4-acre property at 5156 Kalanianaole Highway, which was at one time was home to the popular Ranch House restaurant.
A CVS/Longs spokesman did not immediately return a message left by PBN.
The fee-simple property, which includes a two-story, 24,200-square-foot building, the former current home to the Jehovah’s Witnesses, and a 2,279-square-foot building, the former home to a veterinarian clinic, had been on the market since the summer of 2012.
Mark Bratton , vice president of investment properties for Colliers International Hawaii, who represented the seller, told PBN that the Jehovah’s Witnesses sold the property because they need a smaller location closer to where their members live.
The property was one of the few fee-simple commercially-zoned properties located within the Aina Haina and Hawaii Kai neighborhoods, which has about 150,000 square feet of office space and approximately 783,000 square feet of retail space in the trade area, Colliers said.
With this limited inventory of commercial-zoned properties in the area, property sales are few and far between, according to Colliers, which noted that the nearby Aina Haina Shopping Center was sold in 2007, making it the last commercial property sale within that area.
CVS opened its newest Hawaii Longs Drugs store in May in Makiki, which was its first new full-service store in urban Honolulu in years.
Longs Drugs, which has operated in Hawaii since 1954, currently has 54 locations in the state. The Aina Haina neighborhood has longed for a drugstore chain to open in the area. Both Walgreens and Longs have stores in Hawaii Kai about four miles away.
Duane Shimogawa covers energy, real estate and economic development for Pacific Business News