Alexander & Baldwin yesterday acquired the leasehold interest to the One Main Plaza building in Wailuku for $7.2 million from 2200 Main Inc., an affiliate of First Hawaiian Bank. The price was less than half the $15 million it cost to develop the building in 1989.
Alexander & Baldwin also said that it bought the 4.6-acre Wilshire Shopping Center in Greeley, Colo. for $2.6 million. The sellers were two mainland investors, Alan Porter and James Smith.
John Couch, Alexander & Baldwin's chief executive, said the Maui and Colorado purchases underscore the company's outlook for growth in those communities.
Greeley, which is about 50 miles north of Denver, is the retail center for Weld County, one of the fastest growing areas of Colorado.
The Wilshire Shopping Center, which is fully leased, is the company's second investment in Greeley. In 1995, A&B bought Market Square Shopping Center, which is about a mile away.
One Main Plaza's developer was S&P Partners, which included local developers Bruce Stark and Bill Paulson and Japanese investors Takeshi Sekiguchi and Shimizu Construction Co.'s S.C. Construction Co.
The Kunewa family of Maui owns most of the fee interest in the office complex.
The project initially was opposed by neighborhood residents who said that it would add traffic and obstruct their views.
In 1994, the project ran into financial trouble, prompting lender First Hawaiian Bank to file a foreclosure suit. First Hawaiian took over the property in 1996.
One Main Plaza's tenants include Dean Witter Reynolds, the Federal Bureau of Investigation and the Internal Revenue Service.