WEST OAHU, HI-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned thatAlexander & Baldwin Inc.'s real estate subsidiary, A&B Properties Inc., has agreed to acquire Pearl Highlands Center. The 415,000-square-foot, fee-simple retail center traded for $141.5 million.
The center is located on 13.5 acres in Pearl City, Oahu, 12 miles west of downtown Honolulu. The transaction that is anticipated to close in the second half of 2013.
The property is 98% leased and is anchored by Sam's Club, Regal Theaters, Ross Dress for Less, 24 Hour Fitness, and a soon to be opened Buffalo Wild Wings. The purchase price is inclusive of the assumption of a $59.3 million mortgage, which matures in September 2016.
This isn't the first property purchase in Hawaii and won't be the last. In fact, it is part of a larger strategy.
Keep an eye out for the update on this story on the next day or so with more.
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