Real Estate News
--> Hawaii News
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.
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.”
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
Terramar Retail Centers
Hyatt to Shed 3 Properties in $1B Deal
26 February 2018 13:28
" class="chosen chosen-select linked-chosen" tabindex="2">
Salt Lake City
Subscribe to CPE
News by City
Salt Lake City
Connect with CPE
Trending Hawaii News:
HomeQuest Realtors Hawaii Celebrates 30 Years
Hawaii Real Estate Paradise Returns With Goldman Loan
Julia Roberts sells her oceanfront home in Hawaii for $16.2 million
Birther issue reborn: Trump to make statement on Obama birth
Hawai‘i Island Real Estate Expert Accepted Into Forbes Council
Sublime Hawaii Home With Reservoir, Mountain Views Asks $6.6M
USACE Pacific Ocean Division greets new commander
Girls school to market campus for weddings
Web site helps homebuyers look into Hawaii's real estate market
Great Spaces: Paradise Property for Sale, Walls Optional
Darryl Macha is the 2017 Honolulu Board of Realtors President-Elect
We Should Look Anew At Real Estate Investment Trusts
Sailor puts ghosts of horrific wreck to rest after Hawaii trip
Real Estate: Property Taxes in US on the Rise
'Queen of Windermere' Suzi Karr makes move to Sotheby's Realty
A lot of Trump's property is in areas that the Paris agreement was designed to help protect
Tribute in the works
A&B pulls reversal with quarterly profit
CEO of Locations LLC
Leading Real Estate Companies of the World® and Luxury Portfolio International® Partner with HGTV For Ultimate House Hunt