A&B Properties, the real estate subsidiary of Alexander & Baldwin Inc., has purchased the 88,000-square-foot Lanihau shopping center in Kailua-Kona on the Big Island of Hawaii. The value of the transaction was not disclosed. The Lanihau shopping center, situated on a 9.7-acre fee-simple parcel, is anchored by a Longs Drug Store and a Sack 'n Save grocery store. The property was 100 percent leased at the time of sale. A&B has also acquired the development rights to an adjacent 22-acre vacant parcel, with the right to purchase the parcel in fee. A&B plans to develop an additional 238,000 square feet of office and retail space on the parcel, at an estimated all-in project cost of $85 million, which would create Kailua-Kona's largest and most centrally located mixed-use commercial project, according to a company statement. The development plans for the 22-acre parcel include two office buildings totaling approximately 91,000 square-feet, and a retail center comprising a...
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