A&B Buys 4.35-acre Parcel Zoned for Commercial Development
- Jan 13, 2012
A&B Properties Inc. has recently announced the purchase of a 4.35-acre parcel within the 7-acre Gateway at Mililani Mauka Shopping Center complex for $8.2 million.
The tract of land was purchased from Castle & Cooke Properties, which have zoned it for commercial development. In addition, the acquisition includes a 5,880 square-foot retail building, which is completely occupied.
According to the company’s press release, A&B Properties plans to develop an additional 28,000 square feet of retail space. “The acquisition and proposed development of the Gateway site is well-aligned with our overall real estate strategy,” said Christopher J. Benjamin, president of A&B Properties.
The asset was closed upon by utilizing 1031 tax deferred proceeds. “Through this transaction, A&B Properties has secured a very well-located development parcel in Central Oahu within the only retail shopping area in the new Mililani Mauka community,” added Benjamin.
The Mililani Mauka Shopping Center is an extension of the Mililani community in Central Oahu, and it caters to more than 20,000 residents. Gateway represents the only retail shopping center. Upon the completion of A&B Properties’ project, the entire complex will encompass about 60,000 square feet of retail space.
A&B Properties is a subsidiary of Alexander & Baldwin Inc., which is headquartered in Honolulu, Hawaii. The parent company is focused on ocean transportation and logistics services through the Matson Navigation Company and Matson Logistics subsidiaries; real estate through A&B Properties; and agribusiness through Hawaiian Commercial & Sugar Company.
In other commercial news, the Ka Makana Ali’I has received approval from the state Office of Environmental Quality Control, which has assessed that DeBartolo’s $400 million project poses no threat to the environment. As reported by the Pacific Business News, DeBartolo is making considerable progress with obtaining the needed permits. As of now, the company still needs approval from the state Land Use Commission to change the potential of the land from regional sports complex.