New opportunity for office space opens up
Waikele Business Center is currently being leased by Savio Realty in anticipation of a condo conversion that will allow the tenants to purchase their units in fee.
“We have received a very strong response from the buyers and tenants of Waikele Storage Park, our adjoining project,” said Peter Savio, developer of the 500-acre-plus warehouse/industrial complex. “We had anticipated some interest from the tenants of Waikele Storage Park, but were surprised to find that so many were enthusiastic about locating their offices adjacent to or near their warehouse.
“Prospective buyers have begun leasing the space to ensure that they have an opportunity to purchase it. We are offering three-year leases with the right to purchase the unit at starting prices of $130,000. Existing tenants have the first rights to purchase,” he continued.
This property, which is near Waikele Shopping Center, is the only storage site and only office building in the immediate area. Savio noted that for a business that stores items in a warehouse, it’s a great advantage to have an office close by so the receiving and shipping of products and related documentation can be handled smoothly and efficiently.
“Small contractors and other small businesses, such as distributors, have a need for affordable and convenient warehouse space in central Oahu. Our Waikele Business Center addition makes this complex unique,” he said.
Office space currently available for lease in the Business Center consists of 32 units of approximately 337 square feet, each including restrooms. Tenants who lease the space “as is” receive a rent credit in return for painting, carpeting and improving the unit. “Once the condominiumization is completed, which we anticipate early next year, we plan to upgrade electrical and plumbing as needed,” Savio added.
Savio acquired the three-story former Navy headquarters building, which has been vacant for 11 years, in December of 2016. “The building itself, which was built by the Navy, is structurally sound,” he said. “It will need painting inside and out, new flooring and minor repair. Waikele Business Center includes ample parking for both tenants and customers. We have already resurfaced the parking lot and are working on the landscaping. As with Waikele Storage Park, I will be using open space along the gulch for a reforestation project that has been very successful since native trees and plants thrive in the area. With all the green, open space surrounding the buildings, the compound is more like a campus than a commercial project.”
Savio Asset Management provides security for the entire Waikele compound, which is gated but open during the day. The entrance to the project is on Pakala Street, which connects to the main road, Paiwa Street. Savio Realty is showing Waikele Business Center by appointment.
For more information, contact the Savio Realty project hotline by calling 398-6200.