May 1, 2017 – The YMCA of Honolulu has sold its Atherton property located on University Avenue to the University of Hawai‘i Foundation for $8,000,000. The Foundation plans to spend up to $5,000,000 on renovations and upgrades and in partnership with UH, the YMCA Atherton will be provided space within the Queen Lili’uokalani Center for Student Services building on the University of Hawai‘i at Mānoa (“UH”) campus to allow the YMCA the ability to continue its presence in the community. Michael Broderick, president and CEO of the YMCA of Honolulu said, “Having a location on the UH Mānoa campus will allow the continuation and expansion of the Atherton YMCA’s programs and mission work focused on youth development, leadership and community service.” He went on to say, “This was an important factor in our decision to accept the offer from the University of Hawai‘i Foundation.” The YMCA of Honolulu’s Atherton Y Branch currently offers private and community living for UH students, as well as a small fitness center and extensive youth programing for college, high school and middle school students.
The property consists of two buildings, the Charles Atherton House and Mary Atherton Richards House and has a combined building area of over 34,600 square feet. Together, the buildings contain 53 student housing units with 80 beds. The site is approximately 43,107 square feet of fee simple land with on-site amenities including a fitness center (offering group exercise classes), multipurpose room, lounge area, study room, game room, kitchen and laundry facilities. In addition, there is approximately 3,782 square feet of retail space which is occupied by a snack bar, a café that sells fruit bowls and smoothies and yoga studio.
“The University of Hawaiʻi Foundation is fully aware of the Atherton legacy and certainly intends to honor, celebrate and continue it,” said Mark Bratton, Senior Vice President of Colliers Investment Division. The University of Hawaiʻi Foundation was established to strengthen the support for the University of Hawaiʻi and is the main fundraising arm of the UH System. The Foundation, an independent non-profit, works closely with university leaders and serves a vital role as the institution that provides fundraising and philanthropic services, and alumni relations programs for the University of Hawaiʻi. No donor funds will be used toward the purchase of the Atherton YMCA building.
Donna Vuchinich, UH Foundation president and CEO said, “The University of Hawaiʻi Foundation has a proud 60 year history of supporting the University of Hawaiʻi by raising private philanthropic support. As state funding for universities across the nation diminishes, public universities’ institutionally related foundations are embracing a range of public-private efforts to increase resources for their universities. From commercializing intellectual property to real estate development, entities like the UH Foundation are playing a larger role in the support of higher education.”
Vuchinich continued, “When the Atherton YMCA building went on the market, UH leadership, the YMCA and our board recognized the value this historic building has for UH, its students and our community. We are pleased to announce our first real estate venture in the UH Foundation’s purchase and renovation of the Atherton YMCA property.”
UH President and interim UH Mānoa Chancellor David Lassner added, “We are very excited about this strategic and rare opportunity to acquire a significant historic property adjacent to our landlocked campus and improve our student housing portfolio. The Atherton property is an important part of UH’s history and so is our fruitful 100-year relationship with the YMCA. We are grateful to the UH Foundation for enabling this purchase and supporting our continuing relationship with the Y.”
Throughout the sale, Colliers Hawaii worked closely with the Colliers Student Housing Group, led by Managing Director, Dorothy Jackman. The Group specializes in maximizing client returns and achieving real estate initiatives all across the country.
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world with 12,500 professionals operating out of more than 500 offices in 61 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International as the top U.S. real estate company and the latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate brand in the world.
* Bratton Realty Advisers, Ltd., exclusively contracted to Colliers International HI, LLC
About the YMCA of Honolulu
The YMCA of Honolulu is one of Hawaiʻi’s leading nonprofit, charitable organizations committed to nurturing the potential of youth, promoting healthy living and fostering a sense of social responsibility. Deeply rooted in ‘Oahu’s diverse communities since 1869, the YMCA of Honolulu’s cause is strengthening communities and ensuring that everyone, regardless of age, income or background, has the opportunity to learn, grow and thrive.
The YMCA of Honolulu currently operates nine branches throughout ‘Oahu: Atherton, Central, Kaimuki-Waialae, Kalihi, Leeward, Mililani, Nu'uanu, Windward, and Camp H.R. Erdman, the YMCA resident camp on the North Shore. The YMCA of Honolulu also provides A+ Afterschool programs at 54 Hawaiʻi State Department of Education school sites with more than 7,000 children enrolled. The Y also provides Substance Abuse Treatment Programs onsite at 23 Mildde and High School sites on Oahu. The YMCA of Honolulu has an operating budget of $26 million with more than 900 employees. For more information, visit www.ymcahonolulu.org.
The University of Hawai‘i Foundation, a nonprofit organization, raises private funds to support the University of Hawai‘i System. The mission of the University of Hawai‘i Foundation is to unite donors’ passions with the University of Hawai‘i’s aspirations by raising philanthropic support and managing private investments to benefit UH, the people of Hawai‘i and our future generations. www.uhfoundation.org
About the University of Hawaiʻi at Mānoa
The University of Hawai‘i at Mānoa serves approximately 20,000 students pursuing more than 225 different degrees. Coming from every Hawaiian island, every state in the nation, and more than 100 countries, UH Mānoa students thrive in an enriching environment for the global exchange of ideas. For more information, visit www.manoa.hawaii.edu, or follow us on Facebook (www.facebook.com/uhmanoa) and Twitter (www.twitter.com/uhmanoa).