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Hawaii's 2nd-largest retail company buys 3 shopping centers

The Honolulu Star-Advertiser reported Monday that Alexander & Baldwin Inc. bought the properties as part of a strategy to accumulate retail property throughout Hawaii while selling its mainland real estate holdings. The three centers are Laulani Village on ...

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February 27, 2018 10:43 AM HONOLULU Hawaii's second-largest retail property owner announced that it bought three shopping centers on different islands for $254 million. Alexander & Baldwin Incbought the properties as part of a strategy to accumulate retail property throughout Hawaii while selling its mainland real estate holdings, the Honolulu Star-Advertiser reported Monday. The three centers are Laulani Village on Oahu, Pu'unene Shopping Center on Maui and Hokulei Village on Kauai. A&B said the 175,000-square-foot (16,257-sqmeter) Laulani Village in Ewa Beach is 95 percent leased with tenants that include Safeway, City Mill, Ross Stores, Petco, Buffalo Wild Wings and Teddy's Bigger Burgers. jQuery(document).ready(function () { mi.renderNewsletterIframe.init({ container: '#newsletter-signUpWidget', url: ',,' }); }); Never miss a local story. Sign up today for a free 30 day free trial of unlimited digital access. SUBSCRIBE NOW jQuery(document).ready(function () { mi.calltoActionCtrl.init(); }); Pu'unene Center in Kahului was built last year with 113,000 square feet (10,497 sqmeters) of space occupied by Target, Petco and a Planet Fitness club slated to open next monthOther tenants are leasing space. Hokulei Village in Lihue is 103,000 square feet (9,568 sqmeters) and 97 percent leased by tenants including Safeway, Petco and American Savings Bank. A&B is using proceeds from sales of commercial properties on the mainland to pay for the three centers. "The acquisition of these three centers enables us to complete the strategic migration of our commercial real estate portfolio from the U.Smainland back to Hawaii," Chris Benjamin, A&B president and CEO, said in a statement. Since 2012, A&B has sold $400 million of mainland property and reinvested proceeds in Hawaii retail centers including Manoa Marketplace, Pearl Highlands Center and Waianae Mall. The company, which originated as a sugar cane plantation operator in 1870, last year became a real estate investment trust that must convey at least 90 percent of profits to shareholders. 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