The property has been acquired for $7.5 million

December 16, 2025: Tourbineau Real Estate Partners purchased the Island Insurance building in Honolulu for $7.5 million and plans to convert it to a self-storage facility. Built in 1940, the five-story structure at 1022 Bethel St. comprises 57,000 square feet. The developer said that because the project is in a dense part of the island, the units will be smaller than normal. There will also be fewer parking spaces, making it a pedestrian-oriented facility. Tourbineau is a Seattle-based developer that focuses on self-storage conversions nationwide. It currently has eight projects in its pipeline.