Investors shelled out more than $4 billion to buy commercial property in Hawai'i last year, a recent peak that will likely subside this year, according to a new report.

Some 431 pieces of commercial real estate — from hotels to warehouses — traded hands for a collective $4.3 billion, up from 284 properties for about $3.6 billion in 2004, according to a report by local commercial real estate firm Colliers Monroe Friedlander.

Colliers expects last year's acquisition frenzy will calm this year to a projected $3 billion in sales because of fewer prime properties available and high prices.

Accounting for the heaviest sales last year were retail centers with $1.4 billion of the transactions. Whalers Village on Maui was the most expensive retail property sold, in a $170 million deal to General Growth Properties.

Hotels and golf courses represented the next biggest chunk of commercial property sales with $1.1 billion of transactions. Topping that list was the Waikiki Beach Marriott Resort hotel, which a Goldman Sachs fund bought for about $275 million.

The Colliers report included office buildings, apartment buildings, land zoned for commercial use and residential land if it sold for more than $5 million.

Only sales for more than $1 million were counted.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.