Alexander & Baldwin, Inc., a Hawaii-based public company, with interests in commercial real estate, land operations, materials and infrastructure construction, acquired five multi-tenant industrial buildings at the Honokohau Industrial Park in Kailua-Kona, Hawaii.

The buildings are located on two lots within the 37-acre industrial park and are centrally located to service both Kailua-Kona and the Kohala Coast. The $10 million acquisition represents 73,200 square feet of prime industrial space within the 37-acre industrial park. The purchase was largely financed with sales proceeds from non-income producing properties.

According to company officials, currently 94 percent of the available space is leased to tenants from the construction, tourism, food distribution, automotive repair and transportation industries, generating an annualized base rent of $12.13 per square foot.

"This is a quality property that expands our industrial portfolio in Hawaii, consistent with our intent to increase investments in this attractive asset class. We look forward to working with the tenants and ensuring they have the best possible customer experience," said Lance Parker, president of A&B Properties.

With ownership of approximately 87,000 acres in Hawaii, A&B is the state's fourth largest private landowner. The Company manages a portfolio comprising 4.7 million square feet of leasable space in Hawaii and on the U.S. Mainland.