PacificBusinessNews-article

August 5, 2014

Honolulu insurance agent buys Kailua vacant property primed for development

By Duane Shimogawa

A Honolulu insurance agent has purchased nearly 30,000 square feet of vacant, foreclosed property in Kailua in Windward Oahu for about $2 million that could be redeveloped as apartments, retail, offices or assisted-living facilities, PBN has confirmed with the new owner.
Scott LaRue, an independent insurance agent with Honolulu-based Atlas Insurance and owner of Kailua-based Highmark Capital LLC, told PBN that he made the purchase as an investment and still has not decided yet what to do with the property.
Scott Carvill, principal broker for Kailua-based Carvill Sotheby’s International Realty, represented the LaRue in the sale, while Kalani Schrader and Dana Peiterson, both of CBRE Inc. Hawaii, represented the seller, Beverly Ing Lee. Lee’s Uluniu-Maluniu LLC is listed as the previous owner, according to public records.
The two fee-simple lots, which are connected and are currently being used for parking, are located a block from Kuulei Road at the corner of Maluniu Avenue and Uluniu Street.
Together, the lots comprise of a little more than half an acre. The 18,360-square-foot Maluniu Avenue parcel is zoned for residential development and has a height limit of 25 feet. The 10,034-square-foot Uluniu Street lot is zoned for commercial, mixed-use opportunities and has a height limit of 40 feet.
The properties were being marketed as two lots that could’ve been purchased together or separately, according to marketing materials from CBRE, which also noted that priced together, the lots had an asking price of $2.1 million.

Other uses could include medical office and single-family homes.