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Business Briefs

Reported by Star-Bulletin staff & wire

Friday, June 23, 2000

B.C. Oil signs pact with 7-Eleven

B.C. Oil, which operates two dozen Arco gasoline stations and convenience stores on Oahu, said it has reached a tentative deal to sublease some of them to 7-Eleven Hawaii Inc. Prices and details of which stations are involved were not disclosed. B.C. Oil, which has been operating the stations since early last year for owner U.S. Restaurant Properties Inc., said yesterday that the transaction with 7-Eleven is contingent on the potential sublessee examining the finances of the stations, a process that could take several months.

The agreement calls for B.C. Oil to continue to provide the gasoline at the sites, while 7-Eleven operates the convenience stores.

A&B completes Maui land sale

Alexander & Baldwin Inc. has completed the sale of the fee-simple interest in a 13-acre parcel of Maui land for $18.2 million. The land in Kahului was purchased by the Hawaii Electricians Annuity Fund and the Hawaii Electricians Pension Fund. The parcel is home to a 134,000-square-foot wholesale warehouse built by Costco Wholesale Corp., which opened in 1995. Costco continues to be a tenant under a long-term lease, A&B said yesterday. The parcel is located on the corner of Haleakala Highway and Dairy Road, adjacent to the island's only Kmart store and near Kahului Airport. A&B President and Chief Executive Officer W. Allen Doane said the company is evaluating potential replacement properties, and expects to reinvest the sale funds shortly.

Diageo to sell stock in Burger King

LONDON -- Diageo Plc plans to sell as much as 20 percent of Burger King to the public and may later shed the rest of the world's No. 2 fast-food chain to focus on its liquor business.

Burger King Chief Executive Dennis Malamatinas, 45, will step down Aug. 30. During his three-year tenure, he helped revive sales against larger hamburger rival McDonald's Corp. Diageo is the world's largest liquor company, including Johnnie Walker whiskey, Smirnoff vodka and Guinness beer.