March 2, 2018
Honolulu, HI-based Alexander & Baldwin acquired three retail centers from Newport Beach, CA-based Terramar Retail Centers, LLC for $254 million, including the assumption of $62 million in mortgage debt. The assets include:
– Laulani Village Shopping Center, (Ewa Beach, Oahu, pictured above) a new, 175,000-square-foot community retail center in West Oahu that is 95% leased.
– Hokulei Village Shopping Center, (Lihue, Kaua`i) a new, 103,000-square-foot neighborhood retail center. The 97%-leased property is the company’s first grocery-anchored retail center on the island.
– Pu`unene Shopping Center, (Kahului, Maui) a 113,000-square-foot retail center completed in 2017, collocated with the island’s only Target store.
Alexander & Baldwin’s Chris Benjamin says, “The acquisition of these three centers enables us to complete the strategic migration of our commercial real estate portfolio from the U.S. mainland back to Hawaii. This 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.”
For comments, questions or concerns, please contact Dennis Kaiser