A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc has acquired for US$38 mn the Komohana Industrial Park (“Komohana”), a fee simple, 35-acre complex located in Kapolei, West Oahu.
It includes five single and multi-tenant warehouse buildings totaling 238,300 square feet of leasable space, together with 24 acres of land that are leased to two tenants. All 35 acres are zoned “Industrial,” allowing for a variety of commercial and light and heavy industrial uses.
“The purchase of Komohana furthers our real estate investment strategy of acquiring quality assets in Hawaii”“The purchase of Komohana furthers our real estate investment strategy of acquiring quality assets in Hawaii,” said Norbert M. Buelsing, president of A&B Properties. “Komohana is part of the 1,000-acre Campbell Industrial Park, one of Oahu’s principal industrial markets, in the master-planned city of Kapolei. Significant development over the past two decades has made Kapolei Oahu’s ‘second city,’ and it is expected that above-average housing and job growth will continue over the next fifteen years.”
“Komohana also represents a continuation of our strategy to tax-effectively reinvest real estate sales proceeds into the acquisition of commercial properties with excellent potential for appreciation and growth,” Buelsing added.
Developed over a nearly twenty-year period starting in 1974, Komohana Industrial Park is leased to national and local manufacturing and construction companies.
With the acquisition of Komohana, A&B Properties’ improved commercial property portfolio consists of 8.4 million square feet of retail, office and industrial space located in Hawaii and seven U.S. mainland states.