Institutional Property Advisors (IPA) is pleased to present Discovery Bay to the global retail investment market. Discovery Bay is a fee-simple*, world-class retail opportunity located at 1778 Ala Moana Boulevard and where Waikiki retail begins (“Property”). Discovery Bay is positioned at the intersection of necessity and luxury, serving the essential needs of 660 residential units while capturing the aspirational spending of 1.2M tourist beginning their Waikiki experience. Beyond the 660 condominium units directly above, Discovery Bay sits at the center of a one-block cluster of several thousand hotel and condo units at Hilton Hawaiian Village, Ilikai, Ala Moana Hotel and Prince Waikiki, plus additional timeshare development at Ala Moana and Ena Road and across from the property. Generating approximately $1.735MM of annual NOI and more than 40 years of proven operating history, Discovery Bay delivers defensive cash flow with a clear path to NOI growth through long term parking income optimization. The Property includes 250 parking spaces in the complex’s parking structure producing approximately $477,000 annually at below-market rates, offering an immediate NOI enhancement opportunity. The established, necessity oriented tenancy provides durable performance across economic cycles.