Alexander & Baldwin Inc.’s real estate subsidiary reacquires Big Island shopping center

A&B Properties acquires Big Island shopping center

HONOLULU — Alexander & Baldwin Inc.’s real estate subsidiary has reacquired a neighborhood shopping center in Kailua-Kona on the Big Island.

A&B Properties Inc. said Monday that it has acquired the 88,300 square-foot Lanihau Marketplace in a 1031 exchange transaction, using proceeds from earlier dispositions.

A&B Properties had sold the center to its current owner in 2006.

President Norbert Buelsing says A&B Properties sold Lanihau at a good point in the market cycle and was fortunate to have the opportunity to add it back into its portfolio.

With the acquisition, A&B Properties says its commercial property/investment portfolio consists of 8.4 million square feet of retail, office and industrial space located in Hawaii and eight mainland states.