Central Oahu

A&B Properties buys Waipio Shopping Center

Honolulu-based A& Properties, the real estate arm of Alexander & Baldwin (NYSE: ALEX) announced Tuesday that it bought the 113,800-square-foot neighborhood center in Central Oahu.

Financial details were not disclosed.

“The Waipio Shopping Center is the second property A&B has acquired in the past two weeks, in line with our core strategy of redeploying 1031 tax-exchange proceeds from earlier dispositions into quality, commercial properties with favorable growth prospects,” said Norbert M. Buelsing, president of A&B Properties, in a statement. “First developed in the mid-1980s and recently expanded, it is the primary retail and office center of the master-planned community of Waipio.”

The shopping center is anchored by Foodland Supermarket and includes Outback Steakhouse, Big City Diner, Taco Bell and Pizza Hut.

A&B Properties’ commercial property/investment portfolio now consists of 8.6 million square feet of retail, office and industrial space in Hawaii and eight U.S. Mainland states.

Central Oahu

Alexander & Baldwin Selling Mililani Retail Center

Alexander & Baldwin Inc. hopes to cash in on upgrades it made to Mililani Shopping Center by selling the mall seven years after acquiring the property.

A&B is asking $55 million for the mall, compared with the roughly $30 million it paid in 2002.

The 180,300-square-foot center is 99 percent occupied with about 50 tenants, according to Colliers Monroe Friedlander, which is marketing the property for A&B.

Mililani Shopping Center was the first of three shopping malls in the Central O’ahu community when it opened in 1970, and is the second-largest mall in the area today.

Honolulu-based A&B said it has made substantial improvements to the center since buying the property from Japan’s Morita Co.

“Mililani Shopping Center is a major retail center in central Oahu, and offers an excellent opportunity for investors interested in expanding or initiating a Hawai’i-based portfolio,” said Norb Buelsing, president of A&B Properties Inc.

Tenants include Ross Dress for Less, 24-Hour Fitness, Blockbuster, GameStop, Starbucks, Jack In the Box, Goodyear Tires, and NAPA Auto Parts. Established local tenants include Foodland Super Market, Bank of Hawaii, First Hawaiian Bank, American Savings Bank, Wahiawa General Hospital, Hawaii USA Federal Credit Union and The Shack Restaurant.

Alexander & Baldwin, through A&B Properties, owns 20 retail, office and industrial sites in Hawai’i and 22 in eight other states. Its Hawai’i portfolio includes the Kunia Shopping Center, Kaneohe Bay Shopping Center and Pacific Guardian Tower on O’ahu, and the Kahului Shopping Center and Maui Mall on the Valley Isle.

Source: HNA

Central Oahu

A&B buys Oahu industrial property

A&B Properties Inc. has purchased the Waipio Gentry industrial properties in Central Oahu and also a warehouse and distribution facility near San Diego, the company said Wednesday.

Honolulu-based A&B Properties, the real estate subsidiary of Alexander & Baldwin Inc. (NYSE: AXB), acquired both properties using 1031 tax-deferred proceeds from earlier commercial property sales.

The Gentry portfolio consisted of five buildings totaling 158,000 square feet. The Activity Distribution Center in Miramar, Calif., consisted of four buildings totaling 252,000 square feet, the company said in a news release.

“The acquisitions of Activity and Waipio further support our real estate investment strategy to own and operate logistics-oriented warehouse facilities in key distribution markets,” said Norbert M. Buelsing, president of A&B Properties.

The Activity industrial park, located in one of San Diego County’s strongest submarkets, is fully leased with a mixed tenant base of both U.S. and international businesses.

The Waipio Gentry properties are located in the 125-acre Gentry Business Park and are 98 percent leased to wholesale, retail and manufacturing clients.

A&B Properties now owns 8.6 million square feet of retail, office and industrial space in Hawaii and eight other states.

Source: PBN