A&B plans Alexander & Baldwin Inc.'s real estate subsidiary has purchased a 4.55-acre vacant commercial parcel near Times Super Market and Wal-Mart in Kunia and plans to build a $9 million neighborhood retail center, the company said.
Kunia mall
The developer is looking for
tenants for the 65,000-square-foot,
$9 million retail centerStar-Bulletin Staff
The purchase price was not disclosed. The seller, an affiliate of local hospital owner Hawaii Pacific Health, bought the property for $5.3 million in 1997, put it up for sale at $5.5 million, then dropped the asking price to $4.5 million last year. The sale, brokered by Colliers Monroe Friedlander, closed late last month.
A&B Properties Inc. is looking for restaurants, convenience stores, shops and financial institutions to put in a 65,000-square-foot center, said project manager Rick Stack.
A&B is looking to tap a growing, yet established neighborhood that lacks its own retail amenities immediately nearby, A&B said.
A&B's revenues from property leasing were up 2.5 percent to $54 million in the first nine months of this year, from $52.7 million last year.
Also on Oahu, A&B is developing a $40 million residential high-rise in Waikiki, the Kai Lani residential project in Ko Olina and the second phase of the Mill Town Business Center in Central Oahu.
The firm's portfolio includes 91,000 acres in Hawaii, making it the state's fifth largest private landowner.
