A&B to Sell Maui MallNovember 25, 2013, 11:28 AM HST · Updated November 25, 11:34 AM 0 Comments
By Maui Now Staff
Alexander & Baldwin announced that it has agreed to sell Maui Mall in a transaction anticipated to be finalized by early 2014.
The buyer is said to be a partnership of Denver-based Alberta Development Partners and an affiliate of Chicago-based Walton Street Capital.
A spokesperson for A&B declined to reveal the sale price or terms, since the sale had not yet closed.
The Maui Mall in Kahului, which is anchored by Whole Foods, Longs Drugs/CVS, Wallace Theaters and IHOP, was originally developed by A&B in 1971 and is 95% occupied, according to A&B Properties.
“Maui Mall has been in our Hawaii retail portfolio for over 40 years,” said Christopher J. Benjamin, A&B president and chief operating officer. “We were not actively seeking to sell the mall. However, we like the fact that [Walton Street Capital] brings a new source of investment to Maui, and based on [their] extensive experience and relationships in retail properties, we are confident that the mall will continue to thrive under their ownership.”
Benjamin said that A&B remained strongly committed to Maui with continued investments, and pointed out that in May A&B acquired the Napili Plaza.
Even after the sale of Maui Mall, A&B says it will remain one of Maui’s largest owners of commercial property, with nearly 370,000 square feet of retail, office and industrial space.
“We continue to heavily invest in Maui’ s future through a wide variety of projects, such as Maui Business Park II [in Kahului] and Wailea, and through our ongoing investments in our HC&S sugar plantation” said Benjamin.
The buyers, Alberta Development Partners, says it focuses its efforts on regional retail shopping centers, mixed-use commercial and residential projects. Walton Street Capital says it has received equity commitments of $7 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts and high net worth individuals, and has committed to invest $6 billion of equity.
A&B claims to be Hawaii’s fourth largest private land owner, and has 8 million square feet of leasable space across the US.