Alexander & Baldwin Expands Commercial Portfolio with New Maui Lease Agreement
Alexander & Baldwin Expands Commercial Portfolio with New Maui Lease Agreement
Alexander & Baldwin, Inc., a notable firm in Hawaii's real estate sector, recently announced a significant development for its future endeavors. The company has executed a 75-year ground lease for 4.7 acres at the second phase of its Maui Business Park project, located in Kahului, Maui. This lease has been established with a reputable self-storage developer, indicating a strategic move towards enhancing the commercial landscape of the area.
Lance Parker, the company's President and CEO, expressed enthusiasm about the ongoing commercial activities and the burgeoning interest surrounding the Maui Business Park. He described this lease agreement as a capital-efficient strategy to transition non-income generating land into a valuable asset. Moreover, Parker highlighted that this partnership will allow A&B to further invest in the development of the property, reinforcing its vision of enhancing its commercial real estate portfolio while delivering significant value to investors, tenants, and the local community.
About Maui Business Park Phase II
Maui Business Park Phase II is a 125-acre mixed-use development strategically positioned near the Kahului Harbor and Airport, offering convenient access to various locations across Maui Island. The development has successfully attracted a mix of national, regional, and local businesses, establishing itself as a prime destination for retail and industrial ventures in Maui. Presently, leasing and sales are underway for lots ranging from 0.5 to 5 acres, all within an Opportunity Zone, which provides potential tax deferral benefits for qualified land buyers.
Those interested in exploring available parcels for sale or leasing opportunities are encouraged to visit Maui Business Park Phase II or contact Bill Froelich at mailto:[email protected].
About Alexander & Baldwin
Established in 1856, Alexander & Baldwin, Inc. (NYSE: ALEX) is the only publicly traded REIT focusing exclusively on commercial real estate in Hawaii. It has become the state's largest owner of grocery-anchored neighborhood shopping centers, owning and managing approximately 4.0 million square feet of commercial space, including 21 retail centers, 14 industrial properties, and four office buildings, alongside 146 acres of ground lease assets. Over its 155-year history, A&B has continually adapted to the evolving economy of Hawaii and has been a crucial player in the development of various sectors including agriculture, transportation, and tourism.
As part of its ongoing strategy, A&B aims to expand and enhance its operations to create more productive assets, all while remaining committed to supporting the local community and ensuring a significant return on investment for its stakeholders. The recent lease signing is a testament to the company’s dedication to fostering growth and resilience within Hawaii's commercial sector.
Furthermore, it's essential to note that any statements made in this release regarding future projections are forward-looking and carry potential risks and uncertainties that might affect actual outcomes. Such statements should be viewed in the context of A&B's most recent filings with the Securities and Exchange Commission.
For more information about Alexander & Baldwin, visit their official website at www.alexanderbaldwin.com.
Topics Business Technology）
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