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CB COMMERCIAL NAMED LEASING AGENT FOR NEW WAIKELE SHOPPING CENTER IN HAWAII

 CB COMMERCIAL NAMED LEASING AGENT FOR
 NEW WAIKELE SHOPPING CENTER IN HAWAII
 HONOLULU, March 18 /PRNewswire/ -- Waikele Center, a 750,000-square- foot multi-phase retail project in central Oahu, Hawaii, will have CB Commercial Real Estate Group as its exclusive leasing agent, it was announced by WCC Associates, the developer. WCC, a Hawaii limited partnership of Richard Gushman II and Duncan MacNaughton, will build the shopping center on 59 acres of fee simple property acquired from JMB/Amfac Hawaii, part of its master-planned Waikele community. The site fronts the H-1 Freeway northwest of Pearl Harbor, the fastest- growing part of the Honolulu area with population expected to rise from the present 250,000 to more than 400,000 by 2010.
 The leasing team formed by CB Commercial for the project includes Ted Lawson, based in Southern California, and Sandy Donnot, Butch West and Eric Tema from the Honolulu office. Ray Wilson, president of CB Commercial Real Estate Group of Hawaii Inc., said, "In my 13 years of involvement with the retail scene in Hawaii, both at Ala Moana and CB, I've never seen this level of mainland major tenant enthusiasm for a Hawaii project. Also, the smaller tenants here and from the mainland are reacting in the same positive manner."
 Waikele Center will be developed in three phases, with Phase I scheduled to start construction in the second quarter of this year. First store openings will occur in mid-1993. Phase I will stand on 32 acres and feature 430,000-square-feet of store space anchored by 155,000-square-foot Eagle Hardware Store and a 120,000-square-foot K-Mart. Parking for 1,800 cars will be provided in Phase I.
 Waikele Center has three quarters of a mile of frontage on the H-1 Freeway which will have direct access to the center via a new freeway interchange now under construction.
 Phase II will occupy 17 acres and front on Lumiaina Street, a major street in the Waikele community. Phase II will have a 200,000-square- foot factory outlet center where approximately 50 national manufacturers will offer brand name merchandise at discount prices. It is being developed in partnership with McArthur-Glen Group of Washington D.C., a leading national factory outlet
developer. Phase III, 10 acres fronting on the H-1 Freeway will be held for future development.
 In addition to the shopping center the Waikele community master plan provides for 2,700 dwelling units, an 18-hole golf course, schools and 22 acres of parks.
 Project architects for Waikele Center are Musil Perkowitz Ruth Inc., of Long Beach, Calif., in cooperation with Richard Matsunaga & Associates of Honolulu. Civil engineering is being provided by Community Planning Inc., of Honolulu.
 CB Commercial, the leasing agent, is a major provider of commercial real
estate services nationally. In retail real estate in 1991 the company arranged more than 3,500 leases for space in excess of 15.9 million square feet and total asset value of almost $1.8 billion.
 -0- 3/18/92
 /CONTACT: Ted Lawson, 301-516-2300, or Sandy Donnot, 808-521-1800, both of CB Commercial Real Estate Group/ CO: CB Commercial Real Estate Group ST: California, Hawaii IN: FIN SU:


JL-EH -- LA010 -- 9070 03/18/92 09:00 EST
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Publication:PR Newswire
Date:Mar 18, 1992
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