BUSINESS BRIEFS
Regular gasoline averages $3.22
Advertiser Staff and News Services
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Statewide gasoline prices averaged $3.22 a gallon for regular unleaded this week, a one cent gain from a week earlier, according to AAA Hawai'i.
The auto club said prices in Honolulu were unchanged at $3.10 a gallon.
In Hilo the price rose four cents to $3.25, while Wailuku's price fell 3 cents to $3.53.
The prices are derived from data from fleet vehicle credit card transactions.
L.A. INVESTOR SELLS 4 O'AHU BUILDINGS
A Los Angeles-based real estate investment firm has sold its portfolio of four O'ahu commercial buildings to an affiliate of financial services and investment firm Morgan Stanley.
Arroyo Realty Partners sold a combined 373,227 square feet of commercial space. The properties include two leasehold downtown office buildings, Haseko Center and Ocean View Center, as well as the leasehold Airport Center near Honolulu International Airport and the Hawaii Agricultural Research Center in 'Aiea.
Buchanan Street Partners, a national real estate investment bank that advised Arroyo Realty on the sale, announced the transaction. Buchanan said the sale price was $98 million.
According to property records, Arroyo bought the four properties between 2004 and 2006 for about $70 million.
Arroyo has one other real estate holding in Hawai'i, the planned development of a 100,000-square-foot retail complex in Pearl City called Manana Village Center.
HONOLULU CLIMBS TOP-METRO INDEX
Honolulu moved up 16 spots to No. 40 on the 2007 Milken Institute/Greenstreet Partners Best Performing Cities Index released today.
Ocala, Fla.; Wilmington, N.C.; and Riverside-San Bernardino-Ontario, Calif., headed the annual index, which ranks the top 200 metros according to the ability to grow and retain jobs.
Honolulu ranked 41 and 38 respectively for job growth and wage/salary growth between 2001 and 2006. The city also ranked 30th for high-tech gross domestic product growth for 2005 and 2006.
The full report can be found at www.milkeninstitute.org.
REVISED RATING FOR QUEEN'S HEALTH
The ratings outlook for several special revenue bonds issued for Queen's Health System has been revised to stable from positive by Standard & Poor's Ratings Services. The agency also affirmed an A+ underlying rating.
"The revised rating reflects a very strong balance sheet, with maximum annual debt service coverage of 5.0X for fiscal 2007, and strong other operating revenue fueled by extensive property holdings," said S&P Credit Analyst Keith Dickinson. Emergency room and outpatient visits have been increasing, Dickinson noted.
CENTRAL PACIFIC RATING LOWERED
Central Pacific Financial Corp. was cut to "underperform" from "market perform" by financial analyst Frederick Cannon of Keefe, Bruyette & Woods.
Shares of Central Pacific's parent company fell $1.70, or 5.5 percent, to $29.20 yesterday.
WELLCARE PLEASED WITH 2 DRUG PLANS
WellCare Health Plans Inc. said it will continue offering Hawai'i Medicare beneficiaries two plans featuring $0 generic-drug co-pays in participating in Medicare Part D prescription plans next year.
WellCare is pleased with its successful Medicare Part D bid results, and looks forward to continuing serving the prescription drug needs for Medicare recipients in Hawai'i, said Todd Farha, chairman and chief executive officer of WellCare, in a press statement.
"Both of WellCare's PDP plans offer our members $0 generic drugs — a significant benefit to our seniors. We are optimistic that even more seniors will find our plans attractive in 2008."
KITV OWNER AGAINST SHARE OFFER
A special committee of Hearst-Argyle Television Inc., the owner of 26 U.S. TV stations including Honolulu's KITV, recommended shareholders ignore Hearst Corp.'s $590 million offer for shares it doesn't already own in the company.
The offer of $23.50 a share is "inadequate and not in the best interests of Hearst-Argyle Television stockholders, other than The Hearst Corp. and its affiliates," the committee said in a statement.
Hearst owns a little more than two-thirds of Hearst-Argyle's outstanding shares.
CYANOTECH HAS NEW PRODUCT LINE
Cyanotech Corp. will be emphasizing human nutritional products and has introduced a new product called "M.D. Formulas Hawaii" as part of a plan to return the Big Island-based company to profitability.
The company made its announcement at a shareholder annual meeting on Monday, according to a filing at the U.S. Securities and Exchange Commission. The new product line combines Cyanotech's BioAstin natural astaxanthin with other healthful ingredients, it said.
MOLOKA'I SCHEDULE CHANGE REQUESTED
Young Brothers Ltd. said it has applied to the Hawai'i Public Utilities Commission for approval to change the schedule of one of its two weekly trips to Moloka'i.
The barge company wants to change its Monday night stopovers to a Tuesday night call. The company said it will use a smaller barge that is more appropriate for Kaunakakai Harbor's size.
Cargo arriving on the Tuesday calls would be available for pickup on Wednesday. Young Brothers said it is making other changes to boost customer pickup and drop-off times at the harbor.
