Citadel Pacific Ltd., a private holding company and parent company of IT&E, IP&E, and Fujita Properties, Inc. has purchased the Bank of Hawaii building at 134 W. Soledad Avenue in Hagåtña.
The 62,000 square-foot property features high-quality office space, covered parking, and excellent visibility from Marine Corp. Drive.
CPL will continue to lease office space and has plans to further improve the building.
“The opportunity to acquire an exceptionally well-known building in the heart of Hagåtña is very exciting," said Jim Beighley, CEO of Citadel Pacific Islands."
The building is within walking distance of a range of restaurants, retail outlets, businesses, and popular historical sites, as well as being conveniently nearby the Supreme and District courts. This investment fits directly in our strategy as we expand our portfolio and explore the dynamic markets in the Pacific region.”
In addition to this purchase, the company has invested in enhancements to one of the island’s iconic landmarks under its management – the Guam International Trade Center.
Work is underway to modernize the ITC building’s first-floor lobby with new flooring, upgraded elevators, LED lighting, renovated restrooms, improved security booth, and digital directories and message boards. (IT&E)