BUSINESS BRIEFS
Vacant warehouse space steady
Advertiser Staff and News Services
Local commercial real estate firm Colliers Monroe Friedlander said the vacancy rate for warehouse space on O'ahu was unchanged at about 4 percent in the third quarter from the second quarter.
The company said only 10,000 square feet of vacant warehouse space was added in the third quarter, a small addition to the 1.48 million square feet of vacant industrial space on the Island.
During the first nine months of the year, 382,236 square feet of vacant space was added to the market, either by tenants vacating space or new available space added to the market.
The report, based on a survey, was more upbeat than a report released two weeks ago by rival firm CB Richard Ellis that said 417,170 square feet of vacant space on O'ahu was put on the market in the third quarter. The two firms track somewhat different inventories of property.
MEDIAN PRICE FOR A BUSINESS: $446K
The median asking price for a business in Honolulu during the third quarter was $446,500, according to www.bizbuysell.com, a leading Internet business marketplace.
The Web site listed 28 businesses for sale, including 14 in the service industry. Two manufacturing firms were for sale on the site with a median asking price of $1.7 million.
The 28 companies had a median revenue of $852,433 and a median cash flow of $150,556, according to the Web site. www.Bizbuysell.com said one business that was listed on its Web site sold in the third quarter.
TESORO REPORTS SURGE IN PROFITS
Tesoro Corp.'s third-quarter profit rose more than analysts estimated, resulting in the company's biggest jump in share price in more than five years, Bloomberg News reported. The San Antonio-based oil refiner and marketer operates Hawai'i's largest refinery and other refineries in the U.S. West.
Tesoro released a statement today saying it earned between $1.70 and $1.80 a share during the third quarter, when an after-tax inventory gain was included. The average analyst estimate was 63 cents excluding such gains, Bloomberg reported. Tesoro shares closed at $10.82 up $2.46 or 29.43 percent yesterday.
MARKET'S TOP HOME IS IN 'EWA
The Building Industry Association of Hawai'i picked a Ka Makana at Hoakalei model home in 'Ewa by Haseko Homes Inc. for top honors at this year's Parade of Homes.
The "Koa Series" house, priced between $999,001 and $2 million, was named most outstanding home on the market by the trade association.
There were 22 entries on four islands in this year's Parade of Homes. The annual event is an organized display of what residential developers are building around the state, and continues this weekend. For more information, visit www.biahawaii.org.
RENEW REAL ESTATE LICENSES ONLINE
The state hopes that more real estate professionals will renew their licenses online this year, and is offering discounts on fees to those who renew at www.pvl.ehawaii.gov/renewals by the Dec. 31 deadline.
The Department of Commerce and Consumer Affairs opened the online renewal service yesterday, and is offering a 25 percent discount on the renewal fee, a 10 percent discount on the compliance resolution fund fee and a $5 discount on the real estate education fund fee.
Real estate licensees are required to renew their licenses every two years. Two years ago, about 83 percent, or 15,400 licensees, renewed online.
