May 12, 2015
Alexander & Baldwin closes on Safeway-anchored Aikahi Shopping Center
Alexander & Baldwin Inc. has closed on its purchase of the Safeway-anchored Aikahi Park Shopping Center in Kailua in Windward Oahu, a company executive confirmed to PBN.
The deal, which had been targeted to be finalized in March, closed on May 1.
“It’s consistent with most properties where there was a ground lease that was going to expire in the short term, that there’s noticeable cosmetic needs, deferred maintenance,” Jon Moyer, director of asset management for A&B’s Kailua commercial portfolio, told PBN. “We will be focusing on those, but first and foremost, we will be focusing on the fire on the day we closed on the property. Luckily, no people or pets were hurt.”
The eight-acre property 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.
The center has more than 20 tenants.
“We are not in acquisition mode, and not evaluating any acquisitions in Kailua,” Moyer said. “You never know what opportunities come around. When opportunities arise, we generally take a look.”
The A&B Kailua commercial portfolio, which was acquired in 2013 from Kaneohe Ranch and the Harold K.L. Castle Foundation, has approximately 180 tenants, many of them local businesses.
“We have done a good job of listening to the community, working closely with our tenants, and reinforcing that we are here for the long term,” Moyer said. “It wasn’t going to be easy to turn it upside down. We have done a good job going slow, taking time, and being patient. That’s what we are doing.”
http://www.bizjournals.com/pacific/news/2015/05/12/alexander-baldwin-closes-on-safeway-anchored.html
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