Hawaii's 2nd-largest retail company buys 3 shopping centers

Hawaii's 2nd-largest retail company buys 3 shopping centers
(Image: Alexander & Baldwin)

HONOLULU (AP) - Hawaii's second-largest retail property owner has announced that it bought three shopping centers on different islands for $254 million.

The Honolulu Star-Advertiser reported Monday that Alexander & Baldwin Inc. bought the properties as part of a strategy to accumulate retail property throughout Hawaii while selling its mainland real estate holdings.

The three centers are Laulani Village on Oahu, Pu'unene Shopping Center on Maui and Hokulei Village on Kauai.

Since 2012, A&B has sold $400 million of mainland property and reinvested proceeds in Hawaii retail centers including Manoa Marketplace, Pearl Highlands Center and Waianae Mall.

The company, which originated as a sugar cane plantation operator in 1870, last year became a real estate investment trust that must convey at least 90 percent of profits to shareholders.

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