Alexander & Baldwin, commercial real estate company, completed the off-market acquisition of two $40 million Class A warehouse buildings located in Kapolei, Hawaii. The facilities represent 150,000 square feet of prime industrial space.
According to company officials, Located in Kapolei Business Park Phase I, the warehouses are built on adjacent parcels totaling approximately 6.45 acres and feature 32-foot clear heights, dock-high loading and ESFR sprinkler systems.
Approximately 75 percent of the space across the buildings will be leased by the former owner, Covan, a national moving company. The buildings also include rooftop photovoltaic systems, which will be used by tenants to help defray their energy costs.
"These are high-quality industrial assets and we're excited to add them to our portfolio. Our focus is on Hawaii and this is just the first step in our effort to reinvest the proceeds from the sale of our Maui farmlands. We will continue to look for other opportunities to invest locally in commercial real estate," said Lance Parker, A&B Chief Real Estate Officer.
On Dec. 20, 2018, A&B completed the $262 million sale of approximately 41,000 acres of agricultural farmland on Mauito Mahi Pono, a farming venture between Pomona Farming, LLC, a California-based agricultural group, and the Public Sector Pension Investment Board (PSP Investments), a long-term investor and one of Canada's largest pension investment managers.