Japanese conglomerate buys land near Hawaii Convention Center

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A Japanese conglomerate has purchased a half-acre parcel of land near the Hawaii Convention Center in Honolulu for 8.3 million.
Kinoshita Real Estate LLC, a subsidiary of Tokyo's Kinoshita Group, which has companies in such industries as film and music production, cosmetics and broadcasting, closed on its purchase of the Hawaii property in June.
The property, which is located on Kalakaua Avenue, could be developed into a high-rise condominium tower. The seller was 1700 Kalakaua LLC, which is headed by Mark Borneleit, who purchased the 22,664-square-foot parcel in 2016 from a Japanese company for $7 million. Soon after that purchase, he put the land up for sale with an asking price of $8.6 million. Located at 1617 Fern St., the vacant lot is at the corner of Kalakaua Avenue and Fern Street. The sale includes highly coveted sewer credits that total more than $1 million. In the past, there were plans to build a high-rise mixed-use project on this parcel. 
The Kinoshita Group has more than 3,000 employees at one of its roughly 15 different companies.
The purchase, which comes out to about $366 per square foot, signals a continued interest from Asian investors in Hawaii properties. 

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