A&B Properties, Inc., a wholly owned subsidiary of Alexander & Baldwin, Inc. ("A&B"), announced today that it has agreed to sell Maui Mall to a partnership of Denver-based Alberta Development Partners and an affiliate of Chicago-based Walton Street Capital, LLC ("W-ADP"). The Mall, which is anchored by Whole Foods, Longs Drugs/CVS, Wallace Theaters and IHOP, was originally developed by A&B in 1971 and is 95% occupied.
"Maui Mall has been in our Hawaii retail portfolio for over 40 years," said Christopher J. Benjamin, A&B president and chief operating officer. "We were not actively seeking to sell the Mall. However, we like the fact that W-ADP brings a new source of investment to Maui, and based on W-ADP's extensive experience and relationships in retail properties, we are confident that the Mall will continue to thrive under their ownership."
"A&B remains strongly committed to Maui. We continue to look for new investments on Maui, and this past May we acquired the Napili Plaza, adding it to our portfolio of commercial property investments. Even after the sale ofMaui Mall, we will remain one of Maui's largest owners of commercial property, with nearly 370,000 square feet of retail, office and industrial space," Benjamin continued. "We continue to heavily invest in Maui' s future through a wide variety of projects, such as Maui Business Park II and Wailea, and through our ongoing investments in our HC&S sugar plantation."
The sale of Maui Mall is anticipated to close early in 2014, subject to the satisfaction of normal closing conditions.
A&B properties to sell Maui mall
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