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HONOLULU-Haseko Center and Oceanview Center, two Downtown office buildings here, have changed hands for $25.5 million. WDCI Inc., a subsidiary of locally based and publicly held Alexander & Baldwin Inc., sold the buildings to Arroyo Realty Partners of Los Angeles and its investment partner, Redico of Southfield, MI.

The buildings are located adjacent to each other on leasehold land. A&B acquired the properties together in 1999 for $18 million. According to published reports at that time, the buildings had an average occupancy in the mid-90% range. The buildings’ current occupancy is in the mid-80% range, according to A&B.

The eight-story Haseko Center, located on Mililani Mall and Halekauwila Street, contains 84,100 sf of leasable space and 220 parking stalls; it was constructed in 1980. Oceanview Center, another eight-story building located adjacent to Haseko Center, at the corner of Richards and Halekauwila streets, was constructed in 1987 and has 99,200 sf of leasable space and 292 parking stalls. Tenants include numerous legal and accounting tenants and several state agencies.

Norbert Buelsing, executive VP of A&B’s main subsidiary, A&B Properties, says the company acquired the properties anticipating office values would improve due to the absence of new construction and expectations of an improved economy. He says the proceeds will be reinvested in other income producing real estate in Hawaii or on the mainland.

A&B Properties’ portfolio includes about five million sf of retail, office and industrial space. Its parent, A&B Inc., owns 91,000 acres in Hawaii, making it Hawaii’s fourth largest private landowner.

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