BUSINESS BRIEFS
Palms of Kilani bought at $19M
Advertiser Staff and News Services
A California investment partnership has bought the 106-unit apartment complex in Wahiawa called The Palms of Kilani, and plans to complete a renovation of the project.
A joint venture between Somera Capital Management and Whisper Capital Partners bought the project from an affiliate of The Bascom Group, a California-based investor in multi-family properties.
According to property records, Somera and Whisper bought the Palms for $19.1 million.
Bascom bought the Palms for $9.1 million in 2004, and improved the property by adding a swimming pool, barbecue area, children's playground and landscaping. Bascom also renovated 66 of the apartments.
The new buyer said it will remodel the remaining 40 units over the next year.
GAS PRICE GAP GROWS TO 52¢
The gap between average prices for retail regular gasoline and wholesale regular gasoline rose to 52 cents a gallon on O'ahu during the week ended July 22, the state Public Utilities Commission reported.
That was up from a gap of 41 cents a gallon the prior week. Lawmakers mandated the disclosure in hopes it will discourage unfair pricing, after the suspension of Hawai'i's controversial gasoline price caps in May 2006.
The average pretax retail price rose to $2.83 a gallon from $2.74 a gallon during the week ended July 15. At the same time, the average wholesale price fell from $2.33 a gallon to $2.31 a gallon.
The PUC's average wholesale price has been criticized as inaccurate and inflated because it combines different types of wholesale transactions into one price.
