Seven Acres Fetch $9.2M for Alexander & Baldwin

KAHULUI, MAUI-Honolulu-based Alexander & Baldwin Inc.’s property development subsidiary A&B Properties, Inc. has sold a seven-acre property here for about $9.2 million. The buyer is Hawaii-based Fergus & Company.

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.