A&B Properties Acquires Kailua-Kona Shopping
Acquires Favorably Priced, Well-Located Center with 1031 Proceeds
April 12, 2010 08:03 AM Eastern Daylight Time
HONOLULU--(EON: Enhanced Online News)--A&B Properties, Inc., the real estate subsidiary of Alexander &
Baldwin, Inc.(NYSE:ALEX) (“Company”), announced today that it has acquired Lanihau Marketplace (“Lanihau”),
an 88,300 square-foot neighborhood shopping center in Kailua-Kona, on the Big Island of Hawaii. A&B Properties
previously sold the center to its current owner in 2006. The Lanihau acquisition represents the Company’s third
improved property acquisition in Hawaii, and sixth overall, in the past 12 months.
“We continue to take advantage of favorable market conditions to expand our Hawaii improved property portfolio
with the acquisition of Lanihau Marketplace,” said Norbert M. Buelsing, president of A&B Properties. “We sold
Lanihau at a good point in the market cycle, but we’ve always liked the center. Lanihau remains a very popular
shopping destination for the Kailua-Kona community – as demonstrated by its 99 percent occupancy and strong,
stable long-term tenants, including Sack N Save, Longs Drugs, Bank of Hawaii and American Savings – and we are
fortunate to have this opportunity to add this property back to the portfolio.” Lanihau was acquired in a 1031
exchange transaction, using proceeds from earlier dispositions.
Located along the Big Island’s west coast in the heart of Kailua-Kona’s regional retail center, Lanihau is ideally
situated at the intersection of Queen Kaahumanu Highway and Palani Road, one of the busiest intersections in Kona.
With the acquisition of Lanihau, A&B Properties’ commercial property/investment portfolio consists of 8.4 million
square feet of retail, office and industrial space located in Hawaii and eight U.S. mainland states. Additional
information about A&B Properties, Inc. may be found at its web site: www.abprop.com.
About Alexander & Baldwin: A&B is headquartered in Honolulu, Hawai