Victoria Ward Victoria Ward Ltd. is evaluating separate offers from local and mainland real estate developers to acquire its 65-acre retail, office and entertainment properties in Kakaako.
considers
final offers
Sources say its 65-acre complex
could fetch $250 millionBy Rick Daysog
rdaysog@starbulletin.comVictoria Ward's board of directors met this morning to go over final proposals for its properties, which could fetch about $250 million.
People familiar with the deal said Alexander & Baldwin Inc. and several mainland companies have submitted offers.
Mitch D'Olier, Victoria Ward's chief executive officer, declined comment. Alexander & Baldwin also had no response.
Victoria Ward had been widely expected to make an announcement today about a deal, but people familiar with the sale said the board is looking at a last-minute proposal. It was not clear whether the landowner will finalize a deal today.
The company earlier this year hired the investment banking firm Credit Suisse First Boston to broker the deal, which would be the largest Hawaii land deal since General Growth's $810 million purchase of Ala Moana Center in 1999.
The deal comes as the landowner is in the midst of a $200 million expansion of its retail properties. Last November, Seattle-based Nordstrom Inc. signed a letter of intent for a 150,000-square-foot department store to go along with the company's recently completed $40 million entertainment complex.
Founded in 1930, Victoria Ward is one of the largest landowners in Kakaako. The company -- with 120 retail tenants on 400,000 square feet of retail space -- listed its annual sales last year at around $30 million.