IAA Inc. to expand Hawaii footprint in Oahu's Campbell Industrial Park – Pacific Business News – Pacific Business News (Honolulu)

December 19, 2021 By admin

IAA Inc. plans to expand its presence in Hawaii and has signed a long-term lease on 20 acres of land in West Oahu where it plans to run online auctions and store cars, trucks and motorcycles.
IAA (NYSE: IAA), formerly known as Insurance Auto Auctions, signed a 20-year lease at 91-196 Hanua St. in Campbell Industrial Park in January that was recorded April 19 with a total value of $29.4 million over the initial 20-year period, according to public records. The lease contains the option to extend for three additional successive periods of five years each.
Colorado investor HICO Industrial LLC bought the three parcels totaling 20 acres near the intersection of Hanua and Malakole streets in January from Island Energy Services for $23 million.
The new IAA location will be in addition to an existing facility at 91-445A Komohana St. on land that it leases from Queen Emma Land Co., about a mile away, according to a spokesperson.
IAA sells “lightly damaged, salvaged and clear-title vehicles, parts cars, trucks, SUVs, motorcycles and heavy equipment” at auctions in Hawaii and on the Mainland, according to its website.
IAA has applied for building permits in November totaling $1.26 million in value for two new buildings, two canopies and sitework.
The company plans to build a main office building along with a vehicle inspection center and a motorcycle structure and plans to run online auctions and store its vehicle inventory, the spokesperson told Pacific Business News in an email.
The company expects construction to be completed by the end of this year.
The IAA expansion follows rival vehicle auction company Copart Inc.’s expansion at Campbell Industrial Park on land it purchased two years ago for $15.63 million.
Dallas-based Copart (Nasdaq: CPRT) bought 14.355 acres from Hawaiian Cement in July 19. The land at 91-055 Kaomi Loop is around the corner from another parcel that Copart had acquired a month earlier from Office Properties Income Trust for $7.1 million.
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