A&B Properties acquires Kailua-Kona shopping centre
A&B Properties, the real estate subsidiary of Alexander & Baldwin, has acquired Lanihau Marketplace, an 88,300 square-foot neighbourhood shopping centre in Kailua-Kona on the Big Island of Hawaii.
A&B Properties previously sold the centre to its current owner in 2006.
The Lanihau acquisition represents the company's third improved property acquisition in Hawaii, and sixth overall, in the past 12 months.
"We continue to take advantage of favourable market conditions to expand our Hawaii improved property portfolio with the acquisition of Lanihau Marketplace," says Norbert M. Buelsing (pictured), president of A&B Properties. "We sold Lanihau at a good point in the market cycle, but we've always liked the centre. Lanihau remains a very popular shopping destination for the Kailua-Kona community - as demonstrated by its 99 per cent occupancy and strong, stable long-term tenants, including Sack N Save, Longs Drugs, Bank of Hawaii and American Savings - and we are fortunate to have this opportunity to add this property back to the portfolio."
Lanihau was acquired in a 1031 exchange transaction, using proceeds from earlier dispositions.
A&B Properties' commercial property/investment portfolio consists of 8.4 million square feet of retail, office and industrial space located in Hawaii and eight US mainland states.