HONOLULU—Alexander & Baldwin, Inc. (NYSE: ALEX) says that its real estate subsidiary, A&B Properties, Inc., has completed the acquisition of Waianae Mall, a 170,300-square foot, 10-building retail center in Waianae, on Oahu's west shore, for $29.8 million ($10.1 million cash and $19.7 million loan assumption).

"The Waianae Mall acquisition redeploys proceeds realized from a July 2012 land sale, on a tax-advantaged basis, into a favorably priced, significantly higher income-generating commercial property on Oahu," said Christopher J. Benjamin , A&B's president & chief operating officer. "Through active management of the property, we believe we can realize additional value from this investment. We've already secured a lease agreement with a tenant that will increase occupancy at the center from 79 percent at closing to 93 percent in February, when the new lease becomes effective."

Benjamin continued, "We're thrilled with the opportunity to provide retail options for Waianae's growing community, and to be re-investing in Hawaii, a market we know best. We plan to revitalize the mall and restore it as an important retail and community center for Waianae residents."