Ala Moana Center, Courtesy of Ron Martin
Courtesy of Ron Martin

A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc. (NYSE:ALEX), announced today that it has completed the acquisition of two fully-entitled, fee-simple development sites with prime locations in Honolulu, between the Ala Moana Shopping Center and the Ward retail center.

The first site, comprising 1.7 acres, is located on Waimanu Street adjacent to the Hawai‘iki and Ko‘olani condominium towers, and is approved for a 43-story residential condominium project. The second site, in close proximity to the first site, is a 0.7-acre parcel located at the intersection of Kona and Piikoi Streets, and is entitled for an eight-story residential condominium project.

“Through this transaction, A&B Properties has secured two ready-to-develop, extremely well-located urban Honolulu parcels at favorable pricing,” said Norbert M. Buelsing, president of A&B Properties. “Both sites are within short walking distance to Ala Moana Beach Park and Oahu’s main shopping destinations, Ala Moana Shopping Center and Victoria Ward Center. The sites also are within two miles of Waikiki and downtown Honolulu.”

A&B Properties is Hawaii’s fourth largest private landowner, holding over 88,000 acres primarily on the islands of Maui and Kauai. A&B Properties’ diverse real estate holdings includes projects on Maui, Kauai, the Big Island and in California and a commercial property/investment portfolio comprising 8.2 million square feet of retail, office and industrial space located in Hawaii (20 properties) and seven mainland states (22 properties). Additional information may be found at A&B Properties’ web site: www.abprop.com.

A&B is headquartered in Honolulu, Hawaii and is engaged in ocean transportation and logistics services through its subsidiaries, Matson Navigation Company, Inc., Matson Integrated Logistics, Inc. and Matson Global Distribution Services; in real estate through A&B Properties, Inc.; and in agribusiness through Hawaiian Commercial & Sugar Company and Kauai Coffee Company, Inc.

Submitted by A&B : www.alexanderbaldwin.com

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