HONOLULU, Feb. 1, 2016 /PRNewswire/ -- Alexander &
Baldwin, Inc. (NYSE:ALEX) ("A&B" or "Company") announced that
its real estate subsidiary, A&B Properties, Inc. (ABP), has
completed separate off-market acquisitions of both the lease fee
interest and retail center improvements of the Manoa Marketplace.
The lease fee interest comprises 10 acres of prime commercial-zoned
land in Manoa, an affluent
submarket in urban Honolulu, and
was owned by a local Hawaii
family. The 141,000-square-foot, 8-building retail center, which is
anchored by Safeway and Long's/CVS, was owned by Levy Affiliated, a
California-based real estate
investment firm.
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Manoa Marketplace is the only grocery-anchored center in
Manoa, and it is the second
largest grocery-anchored center in urban Honolulu. The acquisitions total $82.4 million and ultimately will be funded with
proceeds from the December 2015 sale
of an office property in Washington, the planned sale of several of
ABP's Mainland commercial properties, and other parcel sales.
"This is an excellent opportunity for the Company to expand its
sizable Hawaii retail presence
into urban Honolulu, while
furthering the strategic migration of the Mainland commercial
portfolio to Hawaii," said
Chris Benjamin, A&B president
and chief executive officer. "With reported sales of over
$700 per square foot, Manoa
Marketplace is one of the strongest performing retail centers on
Oahu, and is located in one of its
most desirable neighborhoods. The acquisitions reflect our
continued confidence in the Hawaii
real estate market and our belief that grocery-anchored retail
centers will continue to outperform other commercial asset types
throughout the real estate cycle."
"These acquisitions illustrate what we do best as Hawaii real estate investors—using our local
market knowledge to identify and realize unique opportunities that
create long-term value for shareholders and the community," said
Lance Parker, ABP president. "Owning
both the underlying parcel and the retail center improvements will
enable the Company to implement a proactive asset management and
capital investment program that will enhance the customer
experience at the center."
Manoa Marketplace, located four miles east of downtown
Honolulu, represents 76% of the
existing business-zoned gross leasable space in the submarket.
Manoa is home to approximately
45,000 residents and the University of
Hawaii's main campus. The property is 91% leased and is
anchored by Safeway and Long's Drugs/CVS. Additional tenants
include several of Hawaii's major
banks, a U.S. Post Office, McDonald's, several local full- and
quick-service restaurants and professional and educational service
providers.
ABOUT A&B
PROPERTIES
A&B Properties is the real estate subsidiary of Alexander &
Baldwin, Inc., Hawaii's fourth
largest private landowner, holding over 88,000 acres primarily on
the islands of Maui and
Kauai. A&B Properties' diverse
real estate holdings include projects on Oahu, Maui,
Kauai and the Big Island and a
commercial property/investment portfolio that consists of over five
million square feet of retail, office and industrial space
comprising 59 properties located in Hawaii and on the U.S. Mainland. Additional
information may be found at A&B Properties' website,
www.abprop.com.
ABOUT ALEXANDER & BALDWIN
Alexander & Baldwin, Inc. is a Hawaii-based public company, with interests in
real estate development, commercial real estate, agriculture,
materials and infrastructure construction. With ownership of over
88,000 acres in Hawaii, A&B is
the state's fourth largest private landowner, and one of the
state's most active real estate investors. The Company manages a
portfolio comprising over five million square feet of leasable
space in Hawaii and on the U.S.
Mainland and is the second largest owner of retail assets in the
state. A&B is also Hawaii's
largest materials company and paving contractor. Additional
information about A&B may be found at www.alexanderbaldwin.com.
FORWARD-LOOKING STATEMENTS
Statements in this press release that are not historical facts are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, that involve a number of
risks and uncertainties that could cause actual results to differ
materially from those contemplated by the relevant forward-looking
statement. These forward-looking statements are not guarantees of
future performance. This release should be read in conjunction with
pages 17-30 of Alexander & Baldwin, Inc.'s 2014 Form 10-K
and other filings with the SEC through the date of this release,
which identify important factors that could affect the
forward-looking statements in this release. We do not undertake any
obligation to update our forward-looking statements.
Contact:
Suzy Hollinger
(808) 525-8422
shollinger@abinc.com
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SOURCE Alexander & Baldwin, Inc.