A&B Buys On Oahu; Sells In Fullerton

HONOLULU—Alexander & Baldwin, Inc. (NYSE: ALEX) says that its real estate subsidiary, A&B Properties, Inc., has completed the acquisition of Waianae Mall, a 170,300-square foot, 10-building retail center in Waianae, on Oahu’s west shore, for $29.8 million ($10.1 million cash and $19.7 million loan assumption).

“The Waianae Mall acquisition redeploys proceeds realized from a July 2012 land sale, on a tax-advantaged basis, into a favorably priced, significantly higher income-generating commercial property on Oahu,” said Christopher J. Benjamin , A&B’s president & chief operating officer.  ”Through active management of the property, we believe we can realize additional value from this investment.  We’ve already secured a lease agreement with a tenant that will increase occupancy at the center from 79 percent at closing to 93 percent in February, when the new lease becomes effective.”