Alexander & Baldwin buys Kakaako Commerce Center for $39M

Alexander & Baldwin Inc. has purchased a seven-story warehouse and office building in the Honolulu neighborhood of Kakaako from a California real estate investment firm for $39 million, the company said Monday.

Honolulu-based Alexander & Baldwin (NYSE: ALEX) said in a filing with the U.S. Securities and Exchange Commission on Monday that it had completed the acquisition of the 204,000-square-foot Kakaako Commerce Center, which is located between Waimanu and Kawaiahao streets and has five floors of warehouse space, topped by a sixth floor of office space and a seventh-floor parking deck.

F&F Waimanu Associates LLC, which was formed by Fowler Property Acquisitions LLC, was formerly the owner of the property that has a total property assessed value of about $17 million, according to tax records.

The California firm bought the Kakaako Commerce Center, which was built in 1971 at 875 Waimanu St., for $15.9 million in 2003.

In 2006, Hawaii developer Peter Savio said he was buying the center, with plans to sell units as commercial condominiums. However, that deal fell through, he told PBN on Monday.

An A&B spokeswoman did not immediately respond to a message left by PBN on Monday inquiring about the company’s plans for the newly acquired property.

Duane Shimogawa Reporter – Pacific Business News

Company Disclaimer: Information is deemed reliable but not guaranteed.