Alexander & Baldwin Closes on Acquisition of Kaneohe Ranch/Harold K.L. Castle Foundation Portfolio
HONOLULU — Alexander & Baldwin announced today that it has closed the acquisition of a portfolio of commercial properties in Hawaii from Kaneohe Ranch and the Harold K.L. Castle Foundation for $373 million. The portfolio, which encompasses grocery- and drug store-anchored shopping centers, retail strip centers, light industrial properties and ground leases, is primarily located in Kailua Town.
Christopher Benjamin, Alexander & Baldwin president and chief operating officer, issued this statement:
“We are extremely happy to complete our purchase of the former Kaneohe Ranch and Harold K.L. Castle Foundation Hawaii commercial portfolio. We are proud to be part of the Windward Oahu community and look forward to a long-term relationship.
Our plan over the next several months is to get to know the community. As a
145-year-old kama‘aina company with a long history of community building in Hawaii, we understand the importance of taking time to know people through a process of sharing and listening. We’ll be reaching out in a variety of ways and have opened an office in Kailua temporarily located at 146 Hekili Street, Suite 202, and set up a website, www.abkailua.com. Beginning today, tenants will be provided with more information about our team and how best to contact us.
We also are very happy to announce that longtime Kailua resident Kimo Steinwascher will be joining the A&B Properties team and will continue to work closely with the Windward community, as he has done with Kaneohe Ranch over the past 10 years.”
Alexander & Baldwin, Inc.