Search
 

A&B Buys On Oahu; Sells In Fullerton

HONOLULU—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. Company has also sold an industrial property in Fullerton, CA.

By David Phillips | Updated on January 31, 2013

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.