Alexander & Baldwin Expands Hawaii Industrial Portfolio
- Jun 07, 2017
Alexander & Baldwin Inc. acquired five multi-tenant industrial buildings that are part of the Honokohau Industrial Park located in Kailua-Kona, Hawaii. The assets encompassing approximately 73,200 square feet of prime industrial space situated on two lots traded for $10 million.
The purchase was financed with sales proceeds from non-income producing properties and the in-going cap rate is 8.3 percent.
Honokohau Industrial Park stands on a 37-acre site and offers a broad range of industrial uses. The complex is located directly above Honokohau Harbor, 3 miles from downtown Kailua-Kona and 5 miles from the Kona Airport.
At the time of the transaction, the assets were 94 percent occupied by tenants from the construction, tourism, food distribution, automotive repair and transportation industries, generating an annualized base rent of $12.1 per square foot.
“This is a quality property that expands our industrial portfolio in Hawaii, consistent with our intent to increase investments in this attractive asset class,” said Lance Parker, president of A&B Properties, in a prepared statement.
Hawaii-based Alexander & Baldwin Inc. manages a portfolio comprising 4.7 million square feet of leasable space across the U.S. and owns approximately 87,000 acres in Hawaii, being one of the state’s largest private landowner and real estate investors.
Image courtesy of Honokohau Industrial Park