Final Phase of Subdivision Provides Unique
Commercial Development Opportunities in Kahului, Maui
HONOLULU,
Feb. 21,
2024 /PRNewswire/ -- Alexander & Baldwin, Inc.
(NYSE: ALEX) ("A&B" or "Company"), a Hawai'i-based company
focused on owning, operating, and developing high-quality
commercial real estate in Hawai'i, announced a build-to-suit lease
and two sales at its Maui Business Park Phase II (MBP II) project
in Kahului, Maui.
The first transaction is a build-to-suit
industrial lease to develop a Class A, 29,500-square-foot warehouse
and distribution facility on two lots totaling 2.4 acres for lease
to a national food manufacturer and distributor. The tenant will
relocate their existing operations in Central Maui. Completion and occupancy of the
facility is expected in the fourth quarter of 2025.
Additionally, the County of Maui initiated the purchase of 12.5 acres in
the business park's final phase of horizontal development for
$17.4 million, which will close upon
subdivision completion. The County plans to construct a new
facility for its Department of Transportation, encompassing a bus
hub, maintenance facility, and secure fleet storage.
With 21 remaining lots ranging from one-half to
five acres, the project's final increment allows for warehousing,
distribution, light manufacturing, retail, and office uses. It
represents the last opportunity to own or lease commercial space
fronting the park's highly trafficked main thoroughfare, Ho'okele
Street. A&B has commenced the subdivision process and intends
to complete all infrastructure improvements required to deliver
finished lots in this final increment by early 2026. Land in this
final increment is currently available for build-to-suit, ground
lease, and fee purchase as condominium units prior to subdivision
completion, allowing users to permit and construct their vertical
improvements concurrently with horizontal build-out.
The second sale consists of two of the remaining
lots available in the park's initial increments, totaling 1.3
acres, sold to Hamai Appliances, Inc., for $2.4 million earlier this month. This local,
family-owned retail business will build a showroom and service
center to expand its current operations in Kahului to better serve its Maui clients.
"We are encouraged by the momentum and diversity
of leasing and sales activity at Maui Business Park Phase II," said
Jeff Pauker, chief investment
officer at A&B. "With limited parcels available for industrial
and retail use in Central Maui,
we're pleased to commence infrastructure work on the Company's
final subdivision increment within the park to create additional
land inventory for future A&B development or parcel sales."
Pauker continued, "Adding new inventory is an
opportunity for users to expand or enter the market through
build-to-suit or ground lease opportunities with A&B or as land
purchasers, all of which will contribute to the local economy and
reinforce our long-standing commitment to the Maui community."
Maui Business Park Phase II is represented by
Colliers.
ABOUT MAUI
BUSINESS PARK PHASE II
Maui Business Park Phase II is a
125-acre, mixed-use development near the Kahului Harbor and Kahului
Airport, with immediate and easy access to all parts of Maui
Island. The park has successfully attracted national, regional, and
local businesses, establishing itself as Maui's prime neighborhood retail and
industrial submarket. Sales are underway for lots ranging from
one-half to five acres located within an Opportunity Zone,
affording potential tax deferral benefits to qualified land
purchasers. For more information on parcels available for sale or
leasing opportunities at Maui Business Park Phase II, visit
https://www.mauibusinessparkphase2.com or contact Bill Froelich at
william.froelich@colliers.com.
ABOUT ALEXANDER & BALDWIN
Alexander
& Baldwin, Inc. (NYSE: ALEX) (A&B) is the only publicly
traded real estate investment trust to focus exclusively on Hawai'i
commercial real estate and is the state's largest owner of
grocery-anchored, neighborhood shopping centers. A&B owns,
operates, and manages approximately 3.9 million square feet of
commercial space in Hawai'i, including 22 retail centers, 13
industrial assets, four office properties, and 142 acres of ground
leases. A&B is expanding and strengthening its Hawai'i CRE
portfolio and achieving its strategic focus on commercial real
estate by monetizing its remaining non-core assets. Over its
154-year history, A&B has evolved with the state's economy and
played a leadership role in developing the agricultural,
transportation, tourism, construction, residential, and commercial
real estate industries.
FORWARD-LOOKING STATEMENTS
Statements
in this release that are not historical facts are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve a number of risks and uncertainties
that could cause actual results to differ materially from those
contemplated by the relevant forward-looking statements. These
forward-looking statements include, but are not limited to,
statements regarding possible or assumed future closings of
transactions and business results. Such forward-looking statements
speak only as of the date the statements were made and are not
guarantees of future performance. Forward-looking statements are
subject to a number of risks, uncertainties, assumptions and other
factors that could cause actual results and the timing of certain
events to differ materially from those expressed in or implied by
the forward-looking statements. These factors include, but are not
limited to, prevailing market conditions and the Company's business
generally discussed in the Company's most recent Form 10-K, Form
10-Q and other filings with the Securities and Exchange Commission.
The information in this release should be evaluated in light of
these important risk factors. We do not undertake any obligation to
update the Company's forward-looking statements.
Learn more about A&B at
www.alexanderbaldwin.com.
Contact: Andrea
Galvin; 808-525-8404; agalvin@abhi.com
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SOURCE Alexander & Baldwin, Inc.