Updated at 11:37 a.m., Tuesday, December 5, 2006
A&B sells Kona shopping center to Mainland investors
Advertiser Staff
Alexander & Baldwin Inc. through affiliates has sold its Big Island shopping complex Lanihau Center and adjacent undeveloped leasehold land to a Mainland investment firm for an undisclosed price.A&B bought the 88,000-square-foot Kailua, Kona, center in September 2005, and announced an estimated $85 million plan to develop a 238,000-square-foot addition on the adjacent 22-acre site.
A&B said the center, anchored by Safeway and a Longs Drug Store, has been 100 percent occupied and attracted several unsolicited purchase offers. The company said it decided to sell because it would result in an attractive return on its investment.
The center's new owners are affiliates and partners of Westwood Development Group, a Michigan-based retail investment and development firm.
