JLL Capital Markets arranges $60.3M sale of Honolulu Home Depot ground lease

• JLL arranged the $60.3 million sale of the fee simple interest in the Home Depot ground lease at 421 Alakawa St. in Honolulu.
• Alexander & Baldwin sold the asset to Benderson Development, one of the nation's largest privately owned real estate companies.
• The property offers a rare combination of scale, long-term tenancy and an infill location in one of the most land-constrained markets in the U.S.

HONOLULU, Hawaii, Nov. 10, 2026 – JLL Capital Markets announced today the $60.3 million sale of the fee simple interest in the Home Depot ground lease at 421 Alakawa Street in Honolulu. The property spans approximately nine acres in Honolulu's Iwilei district.

JLL represented the seller, Alexander & Baldwin, in the transaction.

Built in 1999, the property includes a 129,494-square-foot Home Depot store and an adjacent 110,479-square-foot, two-story parking structure. Home Depot U.S.A. Inc. holds a long-term absolute NNN lease on the site, with renewal options. The lease structure, Home Depot tenancy and infill Honolulu location make the property a distinctive net lease investment in a market where opportunities of this scale are limited.

The property is located in Iwilei, one of Honolulu's most strategically positioned urban districts between Downtown Honolulu, Honolulu Harbor and Daniel K. Inouye International Airport. The site is adjacent to the future Kūwili Skyline Station, part of Honolulu's expanding rail system, and sits within an area targeted for significant mixed-use redevelopment. Continued public and private investment throughout the surrounding district is expected to further enhance connectivity and accessibility over the long term.

As Hawaii's economic center, Honolulu benefits from a diverse employment base supported by government, military, healthcare, transportation, tourism and professional services industries. The property serves a broad consumer base across Oahu and occupies a location within one of the nation's most supply-constrained real estate markets.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom. 

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of approximately 112,000 as of September 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com. 

Benderson Development is a leading real estate company known for its impressive growth and commitment to innovation. With over 75 years of experience, Benderson has built a diverse portfolio of over 1,000 properties totaling more than 58 million square feet in 41 states. As one of the largest privately-held real estate companies in the country, Benderson's properties house best-in-class retailers, thriving grocers, leading companies, destination restaurants and award-winning hotels, offering an exceptional experience shaped by years of expertise.