Alexander & Baldwin has purchased an industrial property in Kapolei for $9.48 million.

The 33,200-square-foot industrial building at 91-118 Kaomi Loop is on 1.86 acres in the James Campbell Industrial Park. The property was built in 2005, with a recent expansion completed in 2017. The property was purchased from Pacific Allied Products, a local bottling and packaging manufacturer, which will remain in operation at the property under a long-term lease with A&B.

“This transaction exemplifies how A&B can help Hawai‘i companies secure long-term financing at attractive rates through the sale and leaseback of corporate facilities,” said Jeff Pauker, chief investment officer at A&B. “Given the tight credit market, sale-leaseback transactions can provide unique opportunities for businesses to secure funding for expansion, refinancing, and business transition needs. We are excited to continue to make these types of investments in our preferred asset classes of retail and industrial statewide and encourage interested business owners to contact us to learn more.”

The acquisition furthers A&B’s investment in commercial real estate in Hawaii. In 2022, A&B announced the renovation of its Manoa Marketplace, and in 2021 completed the acquisition of two additional industrial sites in Kalihi Kai and Kapolei Business Park West.