Alexander & Baldwin Plans More Shopping Space For Mililani
By MidWeek Staff
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Del.icio.usA&B Properties, a real-estate subsidiary of Alexander & Baldwin, has purchased 4.35 acres of land at the Gateway at Mililani Mauka Shopping Center from Castle & Cooke Properties for $8.2 million.
The property includes a fully occupied 5,880square-foot, multi-tenant retail building. A&B plans to add 28,000 square feet of retail space on the site.
“The acquisition and proposed development of the Gateway site is well-aligned with our overall real estate strategy,” said Christopher J. Benjamin, president of A&B Properties.
“Not only does it allow us to utilize 1031 taxdeferred proceeds to acquire an income-producing property in a thriving local community, but it also enables us to further employ our real estate expertise in Hawaii to develop an important community resource while creating value for our shareholders.”
Together with a Longs Drugs store that is under construction, the retail space at the shopping complex will nearly double to 60,000 square feet. The property is located off of Meheula Parkway near Ainamakua Drive.
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