Alexander & Baldwin Acquires Three Shopping Centers in Hawaii for $254 Million

Pu`unene Shopping Center, located in Kahului, Hawaii, was included in the recent acquisition by Alexander & Baldwin. Construction on the property was completed in 2017. (image courtesy of alexanderbaldwin.propertycapsule.com) Pu`unene Shopping Center, located in Kahului, Hawaii, was included in the recent acquisition by Alexander & Baldwin. Construction on the property was completed in 2017. (image courtesy of alexanderbaldwin.propertycapsule.com)

Honolulu — Honolulu-based Alexander & Baldwin (NYSE: ALEX) has acquired three shopping centers located in Hawaii.

Terramar Retail Centers LLC sold the properties for $254 million.

The buyer also assumed $62 million in mortgage debt in the transaction. Acquisitions include Laulani Village, Hokulei Village and Pu`unene Shopping Center.

Laulani Village is a 175,000-square-foot, community retail center located in Ewa Beach on the island of Oahu. Safeway, Ross Dress for Less, Petco and City Mill anchor the 95 percent leased property. The center is also home to Buffalo Wild Wings, Teddy’s Bigger Burgers, Starbucks Coffee and Panda Express.

Hokulei Village is a 103,000-square-foot center located in Lihue on the island of Kaua`i. The center was 97 percent leased at the time of sale to tenants including Safeway, Petco, American Savings Bank, Chevron, Jack in the Box, Domino’s Pizza and Panda Express.

Pu`unene Shopping Center is a 113,000-square-foot retail center located in Kahului on the island of Maui. The property was completed in 2017, and is home to tenants including Ulta Beauty, Starbucks Coffee, Petco, Maui Tacos, Massage Envy, Planet Fitness and Verizon.

Alexander & Baldwin Inc. owns, operates and manages a portfolio of approximately 87,000 acres in Hawaii, making it the state’s fourth largest private landowner, according to the company.

ALEX stock closed at $22.74 per share on Monday, Feb. 26, down from $29.70 one year ago.

— Katie Sloan

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