HONOLULU, April 8, 2019 /PRNewswire/ -- Alexander
& Baldwin (A&B) (NYSE: ALEX) today added another quality
industrial asset with the completion of the off-market acquisition
of Kapolei Enterprise Center (KEC), a newly constructed Class-A
warehouse building in Kapolei.
Construction of the 93,000 square-foot building was completed in
March. KEC features 40-foot clear heights, an ESFR sprinkler
system, dock-high loading and roll-up, drive-in doors. The property
was 100 percent pre-leased before completion, with 51 percent of
the space leased to Best Buy and the remainder leased to Hawaii
Transfer Co., Ltd., a Hawaii-based
distribution and logistics company.
Kapolei, known as Oahu's "second city," is located 16
drive-miles from the Daniel K. Inouye International Airport and 20
drive-miles from the Port of Honolulu, served by its own deep-water port
and home to the majority of the new industrial product that has
been added to the market in the last decade.
This purchase represents A&B's next step toward reinvesting
proceeds from the $262 million sale
of approximately 41,000 acres of agricultural farmland on
Maui. A&B previously
reinvested $40 million in two Class-A
warehouse buildings in Kapolei and
$42 million in a ground lease under
the Home Depot store in Iwilei, Oahu.
"It's rare to find the opportunity to invest in an industrial
property of this quality on Oahu,
so we are excited to add KEC to our already attractive Hawaii portfolio. Industrial assets have
extremely low vacancy rates and are one of our preferred asset
classes, along with grocery-anchored retail and ground leases,"
said Lance Parker, A&B chief
real estate officer.
About Alexander & Baldwin, Inc.
Alexander &
Baldwin, Inc. is Hawai'i's premier commercial real estate company
and the state's foremost owner of grocery-anchored retail centers.
A&B is a fully integrated real estate investment trust and
owns, operates and manages approximately 3.5 million square feet of
primarily retail and industrial space in Hawai'i, and is a major
landowner in the state. A&B's interests extend beyond
commercial real estate into renewable energy and land stewardship.
A&B is also a construction materials company and paving
contractor in Hawai'i. Over its nearly 150-year history, A&B
has evolved with the state's economy and played a lead role in the
development of the agricultural, transportation, tourism,
construction and real estate industries. Learn more about A&B
at www.alexanderbaldwin.com.
Contact: Darren Pai;
808-525-6659; dpai@abhi.com
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SOURCE Alexander & Baldwin, Inc.