Alexander & Baldwin Inc. has entered into an agreement to purchase Kaneohe Ranch's Hawaii commercial real estate portfolio for $262 million in a deal expected to close by the end of the year, according to a petition filed by a beneficiary seeking to postpone a vote on the sale scheduled for next week, as reported by a Pacific Business Times article.
Kaneohe Ranch Co. LLC and the Harold K.L. Castle Foundation put the entire Kaneohe Ranch commercial real estate portfolio in a listing with Eastdil Secured, which includes the town center in Kailua in Windward Oahu, on the market in May of this year. The Hawaii portfolio also includes the land beneath the Windward City Shopping Center and Servco Windward Toyota in Kaneohe, and three properties in Honolulu. The portfolio was being marketed in its entirety, or as two geographic sub-portfolios.
The Mainland portfolio, which is reportedly not included in the sale, includes five leased fee land interests, three single-tenant retail and office assets and one multifamily asset located in San Francisco, Seattle, Miami, Dallas, Phoenix and Portland, Ore. Tenants in those properties include Lowe's in San Jose, Calif., a Kohl's department store in Phoenix, the Miami Marriott Biscayne Bay and the U.S. government.
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