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Alexander & Baldwin Takes 3 in Hawaii for $254M


Alexander & Baldwin has acquired three retail centers in Hawaii from Terramar Retail Centers for $254 ... with proceeds from the sales of A&B’s final mainland commercial real estate properties and the assumption of a $62 million mortgage.


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Aerial of Laulani Village Shopping Center Alexander & Baldwin has acquired three retail centers in Hawaii from Terramar Retail Centers for $254 million: Laulani Village Shopping Center, Hokulei Village Shopping Center and Pu`unene Shopping Center. The acquisition is expected to be financed with proceeds from the sales of A&B’s final mainland commercial real estate properties and the assumption of a $62 million mortgageOther asset sale proceeds and cash are expected to be used to finance the balance, or about 15 percent of the acquisition cost. “All three of these centers are high-quality, newly constructed projects that provide convenience and value to their surrounding communities, much like the other centers in our Hawaiian portfolio,” said Lance Parker, chief real estate officer of A&B, in prepared remarks“We are excited to work with our new tenants to help them succeed in serving their customers and neighborhoods, and we look forward to having these strategic assets in our portfolio attract new tenants to the islands.” The Properties Laulani Village Shopping Center is located in Ewa Beach, OahuThe 175,000-square-foot retail center is currently 95 percent leased to tenants including Safeway, Petco, Buffalo Wild Wings, Starbucks, Ross Stores, City Mill, Teddy’s Bigger Burgers and Panda Express.  Situated in Lihue, Kauai, Hokulei Village Shopping Center will serve as A&B’s first grocery-anchored retail center on the islandThe property features 103,000 square feet that is 97 percent leased to tenants such as Safeway, American Savings Bank, Jack in the Box, Panda Express, Petco, Chevron and Dominos.  Lastly, Pu`unene Shopping Center can be found in Kahului, Maui, and was recently completed in 2017The 113,000-square-foot retail center is collocated with the island’s only Target storeOther tenants include Ulta Beauty, Petco, Massage Envy, Verizon, Starbucks, Maui Tacos and Planet Fitness.  “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 HawaiiThis reinvestment in our local communities has been aided by our conversion to a real estate investment trust last year, and we are pleased to bring these important centers under local ownership,” said Chris Benjamin, president & CEO of A&B, in prepared remarks. Image courtesy of Google Earth  Alexander & Baldwin Christopher Benjamin Terramar Retail Centers Related Posts Hyatt to Shed 3 Properties in $1B Deal 26 February 2018 13:28 Regions Northeast West South Midwest Mid-Atlantic International National Change City " class="chosen chosen-select linked-chosen" tabindex="2"> Cities.. Albuquerque Atlanta Austin Baltimore Boston Charlotte Chicago Cincinnati Cleveland Columbus Dallas Denver Detroit Honolulu Houston Indianapolis Inland Empire Jacksonville Kansas City Las Vegas Los Angeles Miami Minneapolis-StPaul Nashville-Knoxville New Orleans New York Orange County Orlando Philadelphia Phoenix Pittsburgh Portland Raleigh-Durham Richmond Sacramento Salt Lake City San Antonio San Diego San Francisco San Jose Seattle StLouis Tampa Washington DC About Us Contact Advertising Editorial Guidelines Industry Links Archive CPN Tags Subscribe to CPE News by City Albuquerque Atlanta Austin Baltimore Boston Charlotte Chicago Cincinnati Cleveland Columbus Dallas Denver Detroit Honolulu Houston Indianapolis Inland Empire Jacksonville Kansas City Las Vegas Los Angeles Miami Minneapolis-StPaul Nashville-Knoxville New Orleans New York Orange County Orlando Philadelphia Phoenix Pittsburgh Portland Raleigh-Durham Richmond Sacramento Salt Lake City San Antonio San Diego San Francisco San Jose Seattle StLouis Tampa Washington DC Connect with CPE Facebook Twitter Google+ LinkedIn YouTube Pinterest Instagram Digital Editions Magazine Archive

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