Sales volume slipped a bit, but one really big deal propelled Hawaii’s commercial real estate market to a lofty level in the first half of this year, according to a new report.

The report from Colliers International released for publication Friday said investors spent $3 billion on shopping centers, hotels, office buildings, apartment complexes, warehouses and other commercial property during the period. That dramatically exceeded the $2 billion spent in the first half of last year.

Colliers noted that if the pace this year through June continues, it would break last year’s record $4.6 billion in commercial property sales.

During the first half of this year, almost half of the money spent was for stakes in a single property: Ala Moana Center.

The owner of Hawaii’s largest shopping center, Chicago-based General Growth Properties Inc., sold a 37.5 percent interest in the mall to a couple of retirement funds. The value of those portions was about $1.4 billion, or roughly 45 percent of the $3 billion first half total.

Other big sales during the first half of this year included $492 million spent for a 49 percent stake in Pearlridge Center, $200 million for the Fairmont Orchid hotel on Hawaii island and $103 million for the Maile Sky Court hotel in Waikiki.

Last year the biggest sale was Royal Hawaiian Center, Waikiki’s largest shopping complex. It sold for $698 million in a deal that included a long-term lease but not ownership of the land under the mall.

Colliers, a commercial real estate firm, includes sales of at least $1 million in its report.

The number of sales in the first half of this year was 132, down from 139 in the same period last year.

Colliers said more money available from lenders at low interest rates is helping fuel investor demand that began to push up Hawaii commercial property sales in 2011 after the Great Recession. The report also said Hawaii has gained attention as investors exhaust opportunities in other markets on the mainland.

“The shrinking inventory of prime investment properties in top-tier U.S. metropolitan markets has forced many investors to cast a broader net in their search for investment opportunities,” Colliers said in the report.

Out-of-state investors represented most of the buyers of Hawaii commercial property, or 87 percent of the $3 billion, Colliers said. These deals averaged $80 million apiece.

By comparison, local investors bought 75 percent of the real estate sold. These deals were mainly for smaller properties and sold for an average $4.2 million. One example of such a purchase noted in the report was the 23-unit Poinciana apartment building in Makiki, bought by Brian Sakamaki, Donna Walden and Giampaolo Boschetti for $5.3 million.

Property Sales

Five biggest commercial property sales in Hawaii this year through June:

Source: Colliers International