April 30, 2015
Alexander & Baldwin buying Safeway-anchored Kailua retail center property
Alexander & Baldwin Inc. is buying the ground lease interest in the Safeway-anchored Aikahi Park Shopping Center in Kailua in Windward Oahu, a spokeswoman for the Honolulu-based company confirmed to PBN this week.
The deal, which had been targeted to close in March, had not been completed as of Thursday.
In its most recent earnings call, Chris Benjamin, president and chief operating officer of Honolulu-based Alexander & Baldwin (NYSE: ALEX), said that it was finalizing an agreement to acquire an eight-acre property in its Kailua portfolio, which was purchased in late 2013 from Kaneohe Ranch and the Harold K.L. Castle Foundation.
The property, which is located at 25 Kaneohe Bay Drive near Marine Corps Base Hawaii, includes a 102,000-square-foot Safeway store, as well as Navy Federal Credit Union, Gyotaku Japanese Restaurant, L&L Drive Inn, Burger King, Tamura’s and Chevron.
In total, Aikahi Park Shopping Center has more than 20 tenants.
“The opportunity to acquire the ground lease interest in this property arose following a rent reset,” Benjamin said in the earnings call. “The property would be acquired nine years prior to the lease termination date thereby accelerating the financial benefits associated with the ownership of the improvements and allowing us to directly manage the center for long-term success.”
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