Posted on: Friday, July 4, 2003

BUSINESS BRIEFS
HPU building, neighbor for sale

Advertiser Staff

An investment group led by local developer Richard Gushman is selling the Hawaii Pacific University and Model Progress buildings in downtown Honolulu.

The abutting low-rise buildings on mostly fee-simple land at 1166-1188 Fort Street Mall have an asking price of $8 million, according to listing agent Colliers Monroe Friedlander.

HPU leases about 85 percent of both buildings, which are 100 percent occupied, said Douglas Pothul, a Colliers senior vice president.

The owners, who also include local developer Duncan MacNaughton, purchased most of the property in 1998 for about $3 million and leased another parcel in 1994 for about $4 million.