Sale of Watermark Waikiki closes

The sale of Watermark Waikiki, a planned residential tower on Ala Wai Boulevard to a new developer, officially closed on Friday.

Irongate Ala Wai Investors LLC of Beverly Hills, Calif., sold the 3-acre site and development plans to the San Diego branch of Intracorp Cos. for an undisclosed price.

The new ownership was announced in July, resulting in the delay of the original sales date.

Sales of the 212 units will begin next week under the new ownership, according to Keith Fernandez, president and chief executive officer of Intracorp San Diego.

"Irongate has teed it up so we could start construction shortly and go to sales shortly," said Fernandez. "Those were attractive features from a risk standpoint."

Prudential Locations has been selected as the exclusive broker.

Prices range from $500,000 to $2 million plus.

Construction is expected to begin in the third quarter of this year, with completion in 2007.