Benjamin adds that the acquisition not only accelerates the firm's Hawaii growth, but it “reaffirms our ability to leverage our market knowledge and relationships to acquire significant assets through off-market transactions.”

The company recently also completed the acquisition of Napili Plaza, a 46,000-square-foot retail center in West Maui, for $19 million, reinvesting $15 million of proceeds from the January 2013 sale of the Northpoint Industrial facility in Fullerton, CA, and non-income producing land in Hawaii. The remaining purchase price is also expected to be funded with reverse 1031 exchange sale proceeds from the future sale of mainland commercial assets.

The transition back to Hawaii will be “gradual” says Benjamin.

Net income for the first quarter of 2013 for the firm was $5 million compared to adjusted net income for the first quarter of 2012 of $4 million. Adjusted net income for 2012 excludes $1.2 million of professional service fees and other charges associated with the June 2012 separation of A&B from Matson Inc. Revenues for the first quarter of 2013 were $41.5 million compared to revenues of $41.2 million last year.

In the firm's Q1 statement, the firm said that “Strategically, we've made substantial progress in pursuing post-separation objectives for our real estate business. We've expanded our development and investment activities in Honolulu's urban core through Waihonua, One Ala Moana, and our recently announced 'The Collection at 600 Ala Moana' high-rise residential condominium projects. On Maui, we agreed to sell a 24-acre parcel adjacent to our Maui Business Park II project to a subsidiary of Safeway, for the development of Maui's first Target store.”

The firm added that its “focused pursuit of Hawaii investments is yielding attractive growth prospects. We are fortunate to have the financial strength and flexibility to capitalize on these opportunities, and hope to be able to report on some of these in the coming months.”