HONOLULU,
May 30, 2013 /PRNewswire/ -- Alexander & Baldwin, Inc.
(NYSE: ALEX) ("Company" or "A&B") announced today that its real estate subsidiary,
A&B Properties, Inc., has agreed to acquire Pearl Highlands Center, a 415,000 square-foot, fee-simple retail power center on 13.5 acres, located in
Pearl City,
Oahu, 12 miles west of downtown
Honolulu, in a transaction that is anticipated to close in the second half of 2013. The Property is 98% leased and is anchored by Sam's Club, Regal Theaters,
Ross Dress for Less, 24
Hour Fitness, and a soon to be opened
Buffalo Wild Wings. The purchase price of
$141.5 million is inclusive of the assumption of a
$59.3 million mortgage, which matures in
September 2016. Closing is subject to various conditions including the lender's approval of the loan assumption.
"
The Pearl Highlands acquisition will represent a significant advancement of our strategy to migrate our commercial portfolio back to
Hawaii," said
Christopher J. Benjamin, A&B's president & chief operating officer. "The addition of
Pearl Highlands will boost our total
Hawaii commercial square footage over the 2 million square-foot mark—a 25% increase—and will make A&B the second largest retail owner/operator in the state. Of the total purchase price,
$82.2 million is expected to be funded with a combination of 1031 and reverse 1031 exchange sale proceeds from transactions involving both mainland commercial assets and non-income producing land in
Hawaii."
"
Pearl Highlands is a centrally located, well-maintained, institutional-quality asset, anchored by some of the top performing retailers in the state," noted
Lance K. Parker,
A&B Properties vice president of commercial acquisitions. "It is the nucleus of a 'retail destination' that supports 220,000+
Hawaii residents who live within a 5-mile radius of the center."
Benjamin added, "
The Pearl Highlands acquisition not only accelerates our
Hawaii growth, but it reaffirms our ability to leverage our market knowledge and relationships to acquire significant assets through off-market transactions."
About A&B PropertiesA&B Properties is the real estate subsidiary of
Alexander & Baldwin, Inc.,
Hawaii's fourth largest private landowner, holding over 87,000 acres primarily on the islands of
Maui and
Kauai. A&B Properties' diverse real estate holdings include projects on
Oahu,
Maui,
Kauai, the
Big Island and in
California, and a commercial property/investment portfolio of 47 properties located in
Hawaii and eight mainland states comprising eight million square feet of retail, office and industrial space. Additional information may be found at A&B Properties' web site,
www.abprop.com.
About Alexander & BaldwinAlexander & Baldwin, Inc. is a premier
Hawaii land company, with interests in real estate development, commercial real estate and agriculture. With ownership of over 87,000 acres in
Hawaii, A&B is the state's fourth largest private landowner, and is one of the state's most active real estate investors. A&B has a diverse portfolio of real estate development projects throughout
Hawaii, and a commercial property portfolio comprising eight million square feet of leasable space in
Hawaii and on the U.S. mainland. It is also the owner and operator of the Hawaiian Commercial & Sugar plantation on
Maui, and a significant provider of renewable energy on the islands of
Maui and
Kauai. Additional information about A&B may be found at
www.alexanderbaldwin.com.
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