HONOLULU, HAWAII--(BUSINESS WIRE)--A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc. (NYSE: ALEX), announced today that it has completed the acquisition of a 4.35-acre, fee-simple parcel within the 7-acre Gateway at Mililani Mauka Shopping Center complex (top left photo) from Castle & Cooke Properties for $8.2 million.
The parcel includes approximately four acres of land zoned for commercial development and a 5,880 square-foot multi-tenant retail building, which is fully occupied.
A&B Properties plans to develop an additional 28,000 square feet of retail space on the newly acquired site to provide a quality shopping and dining experience for this popular Central Oahu community. “The acquisition and proposed development of the Gateway site is well-aligned with our overall real estate strategy,” said Christopher J. Benjamin, (middle right photo)president of A&B Properties.
“Not only does it allow us to utilize 1031 tax deferred proceeds to acquire an income producing property in a thriving local community, but it also enables us to further employ our real estate expertise in Hawaii to develop an important community resource while creating value for our shareholders,
“Through this transaction, A&B Properties has secured a very well-located development parcel in Central Oahu within the only retail shopping area in the new Mililani Mauka community.”
Alexander & Baldwin, Inc. is headquartered in Honolulu, Hawaii and is engaged in ocean transportation and logistics services through its subsidiaries, Matson Navigation Company, Inc. and Matson Logistics, Inc.; in real estate through A&B Properties, Inc.; and in agribusiness through Hawaiian Commercial & Sugar Company.
Additional information about A&B may be found at its web site: http://www.alexanderbaldwin.com/.
Contacts
Alexander & Baldwin, Inc.
For media inquiries:
Meredith J. Ching, 808-525-6669
or
For investor relations inquiries:
Suzy P. Hollinger, 808-525-8422
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