HONOLULU-A&B Properties Inc., the real estate subsidiary of Alexander & Baldwin Inc. has completed the acquisition of two fully-entitled, fee-simple development sites with prime locations in Honolulu, between the Ala Moana Shopping Center and the Ward retail center. Norbert Buelsing, president of A&B Properties, tells GlobeSt.com that the purchase price for both parcels was $16 million.
The first site, comprising 1.7 acres, is located on Waimanu Street adjacent to the Hawai‘iki and Ko‘olani condominium towers, and is approved for a 43-story residential condominium project. The second site, in close proximity to the first site, is a 0.7-acre parcel located at the intersection of Kona and Piikoi streets, and is entitled for an eight-story residential condominium project.
Buelsing didn’t respond to queries regarding potential construction cost of the projects, but he did point out the company is still in preliminary design stages. He adds that the firm has not established a construction start date as of yet.
“Through this transaction, A&B Properties has secured two ready-to-develop, extremely well-located urban Honolulu parcels at favorable pricing,” says Buelsing. “Both sites are within short walking distance to Ala Moana Beach Park and Oahu’s main shopping destinations, Ala Moana Shopping Center and Victoria Ward Center. The sites also are within two miles of Waikiki and downtown Honolulu.”
Buelsing tells GlobeSt.com that the sites are entitled for development of up to 400 units, although the total number of units is dependent on unit size and floor area. A&B Properties is Hawaii’s fourth largest private landowner, according to a prepared statement, holding over 88,000 acres primarily on the islands of Maui and Kauai. A&B Properties’ real estate holdings includes projects on Maui, Kauai, the Big Island and in California and a commercial property/investment portfolio comprising 8.2 million square feet of retail, office and industrial space located in Hawaii--20 properties--and seven mainland states--22 properties.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
