A&B Properties to Acquire Pearl Highlands Center In West Oahu for $141.5M

Alexander & Baldwin, Inc. ALEX ("Company" or "A&B") announced Thursday that its real estate subsidiary, A&B Properties, Inc., has agreed to acquire Pearl Highlands Center, a 415,000 square-foot, fee-simple retail power center on 13.5 acres, located in Pearl City, Oahu, 12 miles west of downtown Honolulu, in a transaction that is anticipated to close in the second half of 2013. The Property is 98% leased and is anchored by Sam's Club, Regal Theaters, Ross Dress for Less, 24 Hour Fitness, and a soon to be opened Buffalo Wild Wings. The purchase price of $141.5 million is inclusive of the assumption of a $59.3 million mortgage, which matures in September 2016. Closing is subject to various conditions including the lender's approval of the loan assumption. (Logo:  http://photos.prnewswire.com/prnh/20120801/LA50085LOGO) "The Pearl Highlands acquisition will represent a significant advancement of our strategy to migrate our commercial portfolio back to Hawaii," said Christopher J. Benjamin, A&B's president & chief operating officer. "The addition of Pearl Highlands will boost our total Hawaii commercial square footage over the 2 million square-foot mark—a 25% increase—and will make A&B the second largest retail owner/operator in the state. Of the See full press release