The property is located across Dairy Road from the Maui Marketplace, a 20-acre shopping center developed within A&B's Maui Business Park. It holds several buildings housing businesses such as a tire warehouse, a machine shop, a bike rental business and a pool hall.Fergus & Co.'s Mike Fergus was not immediately available for comment on his plans for the property. A Source at A&B tells GlobeSt.com Fergus sees the property as a redevelopment opportunity. The property is zoned industrial, which in Hawaii allows for a wide range of uses, including retail, light industrial and other businesses.
A&B President and CEO Allen Doane said he is happy to have transferred ownership of the property to another Hawaii-based entity. "In keeping with our normal practice, we expect to reinvest the proceeds of this sale shortly," he added.
A&B Properties owns and manages approximately 91,000 acres in Hawaii, including 68,000 acres on Maui and 22,000 acres on Kauai. Additionally, A&B has a portfolio of commercial income properties of more than five million sf in Hawaii and the western United States.
A&B's parent company, Alexander and Baldwin is a diversified, publicly traded company also engaged in ocean transportation (Matson Navigation Company, Inc., Matson Intermodal Systems, Inc.) and food products (Hawaiian Commercial & Sugar Company, Kauai Coffee Company).
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