CBRE COMPLETES SALE OF MAKAHA VALLEY GOLF RESORT & RESIDENCES

The iconic Oahu property has sold for $20,700,000

HONOLULU, HI – CBRE’s Golf & Resort Group announced the recent sale of the Makaha Valley Golf Resort & Residences in the Oahu community of Waianae. CBRE has been retained by the owner to market the 644 acre property for sale.

Makaha Valley is the last large-scale, mixed-use development opportunity of its kind on Oahu. The franchise fee-paying basic property enjoys a truly Hawaiian setting surrounded by the Waianae Mountains, with nearby beach access and a long history of championship golf. Operated as a 36-hole golf resort for many years, a golf course is currently in operation. Two new golf courses, around 494 single-family homes and 152 condominiums are planned. The majority of the homes would be west of Makaha Valley Road with resort zoning allowing for short-term rentals. Resort zoning provides a competitive advantage for the property as there are only five defined resort zones across the entire island of Oahu, including Waikiki, Turtle Bay, Hoakalei Resort, Ko Olina and Makaha Valley.

CBRE executive vice president Jeff Woolson, who serves as managing director of the Golf & Resort Group, and Tom Berry represented the seller along with Yasuyuki Kojima and Andrew Reenders at CBRE’s Honolulu office. The buyer, KH Gangwon Development, intends to develop the property in line with existing development plans. Mr. Woolson commented, “Future development of Makaha Valley should serve as an economic stimulus for the region and restore the property to its former glory.” Makaha Valley is the second Hawaiian golf community with a master plan, following the sale of Kukui’ula on Kauai late last year that CBRE has sold in the last nine months.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment company (based on 2021 revenues). The company employs more than 105,000 people (excluding Turner & Townsend employees) and serves customers in more than 100 countries. CBRE serves a wide range of clients with an integrated suite of services including facilities, transaction and project management; Property Management; investment management; appraisal and valuation; real estate leasing; strategic advice; real estate sale; mortgage services and development services. Please visit our website at www.cbre.com.