Lowe’s to Build Bigger Store at Maui Business Park, Purchase From A&B Complete
By Wendy Osher
A&B Properties, Inc. today announced it has completed the sale of an 11-acre site to Lowe’s for the construction of a 167,000-square-foot store at Phase II of the Maui Business Park in Kahului.
The new store will be 16% larger than the current store, located less than a mile away at the Maui Marketplace. That store is currently under lease from a third party.
The new site was purchased for $39 a square foot and is part of A&B’s second phase of its Maui Business Park. Other recent buyers at the Phase II section include: the County of Maui, Servco Pacific, American Savings Bank, Pacific Pipe and Shelton Holdings (BMW).
Maui Now learned of the sale earlier this year upon publication of A&B’s First Quarter Earnings report compiled for investors in mid-May.
“We are very pleased that Lowe’s chose Maui Business Park as the location for its new store,” said Christopher J. Benjamin, A&B president and chief operating officer in a press release statement. “Lowe’s will be another strong retail anchor for Maui Business Park, joining Maui’s first Target store, which opened in March at a 24-acre site adjacent to the Business Park sold by the Company in November 2013. And, given the Business Park’s great location, we’re seeing continued sales interest at the project.”
Benjamin said A&B Properties is seeing positive results as the state’s economy continues to grow. In addition to this sale on Maui, the company has also seen positive sales activity at its resort residential developments. “At Kukuiʻula, our resort residential project on Kauaʻi, we’ve had 11 closings so far this year and have 21 contracts currently in escrow. And, at The Collection, our latest residential high-rise project under construction in urban Honolulu, we are completely sold out of the 450 tower and mid-rise units, 98% of which are under binding contract,” Benjamin said in today’s announcement.