Hawaii’s second-largest retail property owner, Alexander & Baldwin Inc., wrapped up a recent real estate buying binge with the resort shopping complex Queens’ MarketPlace.
A&B announced Wednesday that it bought the 135,000-square-foot center at Waikoloa Beach Resort on Hawaii island for $90 million.
The acquisition was the last in a string of purchases A&B made to meet a mid-June deadline for buying real estate with $262 million it received from selling 41,000 acres of farmland on Maui in December in order for the company to avoid paying federal capital gains taxes on the sale.
Over the last five months, A&B reinvested $168 million in five other properties — the Waipouli Town Center retail complex on Kauai, three industrial properties in Kapolei and the land under a Home Depot store in Iwilei.
Queens’ MarketPlace was developed by Waikoloa Land Co. in 2007 as a $95 million addition to the 75,000-square-foot Kings’ Shops retail complex at Waikoloa Resort. A&B’s new asset is anchored by a 24,000-square-foot Island Gourmet Market grocery store and also contains an amphitheater along with about 50 other retail, restaurant and service tenants.
Scott Head, vice president of resort operations for Waikoloa Land, said in a statement that the company over the last 40 years has strived to create a gathering place worthy of Waikoloa’s rich history.
“We remain deeply committed to fulfilling this mission and look forward to seeing Queens’ MarketPlace continue to thrive in the future with Alexander & Baldwin,” he said.
Lance Parker, A&B’s chief real estate officer, added in a statement that his firm with its long history in Hawaii understands the importance of Queens’ MarketPlace to the community of residents and visitors it serves.
“We appreciate that the Waikoloa Land Co. has entrusted us with this center and look forward to continuing its legacy of success,” he said.
Including its recent buying spree, A&B has spent close to $1 billion acquiring retail property in Hawaii since 2013, mostly using proceeds from selling mainland real estate investments.
A&B’s collection of Hawaii retail property includes Pearl Highlands Center, Manoa Marketplace, Kaneohe Bay Shopping Center, Aikahi Park Shopping Center, Kunia Shopping Center, Waipio Shopping Center, Waianae Mall, Laulani Village, Pu‘unene Shopping Center, Kahului Shopping Center, Lahaina Square Shopping Center, Napili Plaza, Lanihau Marketplace, Shops at Kukuiula and Hokulei Village. A&B also owns 90 percent of the retail buildings in Kailua.
ON THE MOVE
Bank of Hawaii has announced the following new vice presidents:
>> Cara Hatton has been promoted to vice president from assistant vice president. She will continue to serve as a business platform manager in Bank of Hawaii’s Retail Lending. Hatton has more than 20 years of project management experience, including joining Bank of Hawaii in 2016 as a senior project manager for the bank’s Enterprise Project Management Office.
>> Ali Kang was promoted to vice president from assistant vice president and will continue to serve as a private banking relationship manager in The Private Bank. Kang has more than 10 years of private and personal banking experience, including having joined Bank of Hawaii in 2015.
