A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc., Hawaii's fourth largest private landowner, announced this month that is had closed on the purchase of Pearl Highlands Center in West Oahu, Hawaii. A&B bought the 415,000 square foot center from an affiliate of Boston-based real estate investment firm AEW Capital Management. The purchase price includes assumption of a $59.3 million mortgage note, while the balance will be funded by the future sales of commercial properties from the company’s Mainland portfolio and Hawaii land parcels, according to a Pacific Business Journal article.
"The Pearl Highlands acquisition significantly advances the strategic migration of our commercial portfolio back to Hawaii," said Christopher Benjamin, A&B's president & chief operating officer. "The addition of Pearl Highlands increases our total Hawaii commercial portfolio square footage by 25% to exceed 2 million square feet and makes A&B the second largest owner/operator of retail properties in the state by gross leasable area."
Located on the busy Kamehameha Highway and directly across from Hawaii's newest Home Depot, the Pearl Highlands Center is the sixth largest in the state, with major tenants including 24 Hr. Fitness, Sam's Club, Regal Cinemas, Ross Dress for Less, Pier 1 imports, Pictures Plus, Buffalo Wild Wings, Price Busters and FedEx Office.
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