A&B Reinvests Maui Ag Land Sale Proceeds

Alexander & Baldwin recently deepened its investment in Hawaiʻi through a series of off-market acquisitions of commercial real estate properties.

Company executives say the transactions further establish the company as “the state’s foremost owner of grocery-anchored shopping centers” while also bringing additional diversity to its commercial real estate portfolio.

The process started in December 2018 when A&B sold 41,000 acres of agricultural farmland on Maui. The proceeds from that sale funded the new commercial real estate acquisitions.

“We are extremely pleased that we’ve been able to completely reinvest the proceeds from the sale of our Maui farmlands, and kept the money here in Hawaiʻi. We are committed to Hawaiʻi and these new investments will expand our ability to serve the local community and create jobs for local residents,” said Chris Benjamin, A&B president and CEO.

A&B completes $90 million acquisition of iconic Queens’ MarketPlace retail center. Photo credit: A&B.

• 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, Oʻahu;
• $41 million for an industrial ground lease in Kapolei;
• $17.75 million for Waipouli Town Center, a Foodland-anchored shopping center in Kapaʻa, Kauaʻi;
• $90 million for Queens’ MarketPlace, a grocery-anchored retail center in the Waikoloa Beach Resort on the island of Hawaiʻi.

“Through this process, we’ve been able to expand each of our major asset categories – retail, industrial and ground leases – as well as our geographic coverage across the state. These acquisitions include a diverse mix of high-quality, high-performing assets, strong tenants and attractive locations that elevate our entire commercial real estate portfolio,” said Lance Parker, A&B chief real estate officer.