Gushman, a former trustee for the Estate of James Campbell, is joining with Douglas Emmett Inc. to buy the Honolulu Club building and the health club. The sale is expected to close during the first quarter of 2008.
Terms of the sale were not disclosed. The seller is Gold Stone Investment Inc., which paid $15 million for the fee-simple building in 1999, according to tax records.
The new owners said they intend to maintain the Honolulu Club operations and retain the health club's employees following the acquisition.
Gushman and his partners plan to make capital improvements to both the club and office building, which is at the corner of Ward Avenue and South King Street, they said in a statement.
The Honolulu Club is managed by The Wellbridge Co. of Denver, Colo.
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source: bizjournals.com
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