Alexander and Baldwin, Inc. is turning from agriculture to grocery-anchored shopping centers. After the sale of 41,000 acres of mostly sugarcane farmland on Maui to Mahi Pono in 2018, A & B has made a series of commercial investments.
The new acquisitions include:
- $66.5 million for three Class-A warehouse buildings in Kapolei;
- $42 million for a ground lease under the Home Depot store in Iwilei, Oahu;
- $41 million for an industrial ground lease in Kapolei;
- $17.75 million for Waipouli Town Center, a Foodland-anchored shopping center in Kapaa, Kauai;
- $90 million for Queens’ MarketPlace, a grocery-anchored retail center in the Waikoloa Beach Resort on the island of Hawaii.
Of the eight commercial properties A & B owns on Maui, four are predominately retail, three are office buildings and one is light industrial. These include the complex where the Kahului Target is located, and the new Kahului Safeway development opening this year. This does not include any commercial properties A & B may hold in partnership with other entities.
This month, Pacific Business News reported that the State of Hawaii is looking to purchase 10 acres of light industrial property near Kahului Harbor on Maui from A & B. The company has hired EnviroServices & Training Center LLC to prepare a draft environmental assessment to evaluate potential contaminants on the Kahului property.
From the company: Alexander & Baldwin, Inc. is a fully integrated real estate investment trust and owns, operates and manages approximately 3.8 million square feet of primarily retail and industrial space in Hawai’i, and is a major landowner in the state. A&B’s interests extend beyond commercial real estate into renewable energy and land stewardship. A&B is also a construction materials company and paving contractor in Hawai’i. Over its nearly 150-year history, A&B has evolved with the state’s economy and played a lead role in the development of the agricultural, transportation, tourism, construction and real estate industries. Learn more about A&B at www.alexanderbaldwin.com.