Benderson Development Enters Hawaii With Honolulu Home Depot Acquisition

SARASOTA, Fla. — Benderson Development has acquired a Home Depot property in Honolulu, marking the company's entry into its 41st state, the firm announced Oct. 16.

The property is at 421 Alakawa St. in Honolulu, on the island of Oahu. It includes an approximately 130,000-square-foot building and an adjoining two-story parking structure with more than 600 stalls, according to the company.

"Expanding into Hawaii is an exciting milestone for our company," said Randy Benderson, managing director of Benderson Development. "We've built our business by recognizing strong real estate opportunities and taking a very long-term approach to ownership. This acquisition reflects that strategy and opens the door to new opportunities in the Aloha State."

Honolulu Home Depot Property Details

The asset is Home Depot Store No. 1701, known as the Honolulu Iwilei store, in the Iwilei-Kapalama district (ZIP code 96817). The site sits near the Port of Honolulu and next to Costco, the top-volume store in the company, and has access to major highway connections.

The retail building totals about 130,000 square feet, or 129,494 square feet per a property listing. The dedicated parking structure spans approximately 110,479 square feet over two stories. The site covers about 9 acres and is 100% occupied by Home Depot as the sole tenant. The property consists of one retail building plus the parking structure.

The store records more than 1.6 million annual visits and ranks as the ninth-most-visited Home Depot nationwide. That figure equates to roughly 4,400 visits per day.

Lease Structure

The property is a Home Depot ground-lease asset. The current term has approximately 3.3 years remaining, with three five-year renewal options and 10% rent increases every five years.

Benderson Development's National Footprint

Headquartered in Sarasota, Florida, with offices in Buffalo and Rochester, New York, Benderson Development is a privately held, family-owned real estate company. The firm owns more than 1,000 properties totaling over 58 million square feet across 41 states, including Hawaii following this transaction. Founded in 1949, its portfolio spans retail, industrial, office, hospitality, residential and mixed-use properties.

The company said the acquisition adds a new market to its portfolio and supports its long-standing commitment to building and owning high-quality real estate assets.

Market Context

The Honolulu site combines a large-format home-improvement tenant with dedicated structured parking on a roughly 9-acre parcel in a land-constrained urban market. Its location near the Port of Honolulu and Costco places it within an established commercial node rather than a suburban power-center setting.

The acquisition is a single-asset purchase and extends Benderson Development's holdings beyond its existing mainland footprint into Hawaii.

Sources

Benderson Development, "Benderson Enters 41st State with Acquisition in Hawaii": https://www.bendersondevelopment.com/blog/benderson-enters-41st-state-with-acquisition-in-hawaii/