JLL, a commercial real estate firm in Hawaii, announced on Wednesday that Hawaii retailer Jeans Warehouse had acquired a 16000-square-foot facility at 99-984 Iwaena St. Aiea.
JLL reports that Jeans Warehouse plans to use the space for online marketplace operations and photo studios, as well as product storage.
Financial details of the transaction were not disclosed.
Jeans Warehouse, a fashion retailer, specializes in clothing for women and young girls. They sell dresses, tops and accessories, as well as jeans. According to the website, it was founded in 1978 and has 22 locations across the state.
JLL stated that Jeans Warehouse recently purchased another industrial facility in Aiea. JLL reports that the retailer acquired an industrial facility of 18,500 square feet, located at 99-910 Iwaena St. a few month ago. This facility is used for administration and distribution.
JLL informed PBN via email that Jeans Warehouse had previously occupied a 22,000 square foot industrial space in the Airport Industrial Park.
Cullen Oesterly, Vice President of JLL, represented Jeans Warehouse on both acquisitions. He represented CTY Investors, Ltd., the seller in the latest acquisition.
In a press release, Oesterly said that Jeans Warehouse selected these two buildings due to their location, quality of construction, property configuration, and proximity to other facilities and stores. "Honolulu is still experiencing a shortage of large, functional warehouse space due to a shift in demand for e-commerce following the pandemic."
Oesterly, in an email to PBN shared insights on what these purchases mean for the local industrial market. He said, "These acquisitions reflect both the extreme shortage of industrial inventory and the market's demand for functional, presentable warehouse spaces regardless of tenure."
He said that he believes the industrial space at Halawa will be absorbed in this or next year.