A&B to Sell Maui Mall

November 25, 2013, 11:28 AM HST · Updated November 25, 11:34 AM
0 Comments
×

By Maui Now Staff

Maui Mall. Courtesy photo.

Maui Mall. Courtesy photo.

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.

SPONSORED VIDEO

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.

ADVERTISEMENT

Print

Share this Article

BREAKING NEWS 
TEXT ALERTS
Sign up to receive important news alerts like tsunami warnings,
floods, traffic accidents, road closures and more.
Phone # (xxx-xxx-xxxx):
E-Mail:
 

Weekly Newsletter

ARTICLE COMMENTS ( 0 )
View Comments