Oahu to get Bed Bath & Beyond

Hawaii’s first Bed Bath & Beyond will open Thursday in the old Circuit City building at Pearlridge Center.

The 65,000-square-foot home furnishing store will sell bed linens, bath towels and accessories, window treatments, cookware, dinner- and tableware, juvenile products and more.

Bed Bath & Beyond operates in the United States and Canada and has affiliated chains including Christmas Tree Shops, Harmon, Harmon Face Values and Buybuy Baby in the U.S.

It also does business under the name Home & More in Mexico, under a joint venture.

The building constructed specifically for Circuit City was vacated in March 2009 as part of the electronics retailer’s bankruptcy.

Chevron net triples as oil prices rise

NEW YORK » Chevron’s second-quarter earnings tripled on better refining margins and higher prices for oil and natural gas, the company said yesterday.

The results easily beat most Wall Street expectations. The San Ramon, Calif., company, which operates a refinery in Hawaii, is the latest oil major to report big gains in the second quarter as demand for oil and gasoline has pushed prices higher.

Exxon Mobil Corp. posted income of $7.56 billion in the quarter, its best result since the last three months of 2008. Royal Dutch Shell Group boosted second-quarter earnings 15 percent, and ConocoPhillips said profits nearly tripled in the April-June period.

Chevron Corp. reported net income of $5.4 billion, or $2.70 a share, compared with $1.7 billion, or 87 cents a share, in the same period last year. Revenue jumped 32 percent to $53 billion.

State industrial asking rents rise

Base asking rents for industrial space in Hawaii rose 3 cents to $1.05 per square foot in the second quarter after declining for seven consecutive quarters, according to an industrial market report released yesterday by CB Richard Ellis Inc.

Meanwhile, industrial vacancies dropped to 4.3 percent at nearly 2.3 million square feet of industrial space on the market statewide. Occupancy increased by 30,338 square feet in the quarter.

"With more space on the market, the increase in asking rents could be that there are smaller, more expensive places on the market," said Jeffrey Hall, CBRE’s senior director of research.

HEI rating outlook upgraded

Moody’s Investors Service affirmed yesterday the credit rating of Hawaiian Electric Industries Inc. and its utility subsidiary, Hawaiian Electric Co.

Moody’s also upgraded the rating outlook for the company and several of its subsidiaries.

HEI’s credit rating for senior unsecured debt was affirmed at Baa2, while HECO’s was affirmed at Baa1.

Moody’s also upgraded the rating outlook to stable from negative for HEI, HECO, HECO Capital Trust III, Hawaiian Electric Industries Capital Trust II and Hawaiian Electric Industries Capital Trust III.

The ratings affirmation and outlook upgrade reflect changes HEI is making to meet the goals of the Hawaiian Clean Energy Initiative, which calls for having the state meet 70 percent of its energy needs with clean energy by 2030.

Debbie Parmley

ON THE MOVE

» Aloha Investment Group III has named Debbie Parmley as its vice president. She has more than 20 years of resort and commercial property management, leasing, promotional event and marketing experience, including as a member of the Colliers Monroe Friedlander third-party management team.

» Hawaii National Bank has hired Donn Mende as manager of their Puainako branch on the Big Island. He has 20 years’ experience in the banking industry and previously managed American Savings Bank’s business banking operations on Hawaii as well as held several management positions at Central Pacific Bank and Bank of Hawaii.

» Kiewit Building Group has hired the following engineers to be assigned to the estimating department: Michael Harvey was previously interning with Kiewit at Trump International Hotel and Tower Waikiki Beachwalk and also was an estimator intern at Kiewit Building Group. Scott Honjiyo was previously interning at Kiewit’s Hale Pawaa and Kaiser Hospital projects.

» Prudential Locations has hired the following new real estate agents: Anita Bruhl was previously an agent for Mary Worrall Associates Sotheby’s International Realty. Janice Dorado was previously an agent from Realty Experts Hawaii and assisted with her family’s Chinese restaurant in Waipahu for 20 years. Judy Kauaihilo was previously an agent from Century 21 Liberty Homes as well as a real estate investor since 1995.

To submit "On the Move" items, send notices to business@staradvertiser.com.