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MAUI, HI-Alexander & Baldwin affiliate South Maui Development LLC has agreed to acquire for $135 million the Hawaii real estate assets of certain subsidiaries of the Shinwa Golf Group. The assets include three golf courses and 270 acres of fully zoned undeveloped land at the renowned Wailea Resort on Maui, and two golf courses and an undeveloped hotel site at the Kauai Lagoons Resort on the island of Kauai. The transaction is scheduled to close in early October.

Originally master-planned in the early 1970s by A&B subsidiary Wailea Development Company, Wailea Resort now encompasses over 1,500 acres along 1.5 miles of Maui’s southern coastline. In addition to the three golf courses, it includes six hotels with 2,500 rooms, 450 single-family home sites, 1,300 condominium apartments and the 156,000-sf Shops at Wailea retail center. In 1989, A&B sold its remaining interest in Wailea (consisting of 927 acres, including two golf courses) to Shinwa. Shinwa continued the development of the Wailea Resort and also acquired the Kauai Lagoons Resort property.

A&B will be completing the acquisition with an affiliate of GolfBC Group, a Vancouver-based developer and golf course owner headed by Caleb Chan. A&B President/CEO Allen Doane says the properties present excellent near- and long-term opportunities.

“A&B already has a strong presence on Maui and possesses the local development expertise and on-island resources that make this acquisition a particularly good strategic fit,” adds Doane. “It is an obvious reflection of our continuing strong belief in Hawaii’s future and real estate values.”

In the past four years alone, A&B has spent $300 million on 16 acquisitions of Hawaii real estate. A&B development projects are ongoing in Kahului and Kaanapali on Maui; in Waikiki, Central Oahu, and at the Ko Olina Resort in Leeward Oahu; at Poipu and Port Allen on Kauai; and in Kamuela on the Big Island.

A&B’s current landholdings include a total of over 90,000 acres in Hawaii, making it Hawaii’s fifth largest private landowner. A&B’s income property portfolio comprises 5 million sf of leasable space in 18 Mainland and 23 Hawaii office, industrial and retail properties.

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