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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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, 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.
