Napili Plaza Sold to A&B for $19M
By Sonia Isotov
The Napili Plaza, a 46,000-square foot retail center between Kapalua and Kaanapali, has been sold to Alexander & Baldwin’s real estate subsidiary for $19 million, A&B Properties, Inc., according to a company announcement today.
“With the acquisition of Napili Plaza, A&B continues its strategy of redeploying proceeds, on a tax-advantage basis, into high-quality assets for our Hawaii commercial portfolio,” said Christopher J. Benjamin, the president and chief operatin gofficer of Alexander & Baldwin, in a written statement. “Napili is a great addition to our Hawaii portfolio, and another important step in the gradual transition of our portfolio back to Hawaii.”
“Napili Plaza is anchored by Napili Market, a Sullivan Family of Companies’ grocery [store]. The center also includes a well-balanced mix of long-term tenants that cater to both local residents and resort visitors, and is currently 92% occupied,” added Lance K. Parker , vice president of commercial acquisitions for A&B Properties.
In making this sale, Alexander & Baldwin reportedly reinvested $15 million of the proceeds from the January 2013 sale of the Northpoint Industrial facility in Fullerton, California and non-income producing land in Hawaii. The remaining purchase price is expected to be funded with reverse 1031 exchange sale proceeds from the future sale of mainland commercial assets.