A&B buys Kona shopping center
Alexander & Baldwin Inc. has bought Lanihau Marketplace, a Big Island shopping center that it sold four years ago to a Mainland investment firm.
A purchase price was not disclosed for the center, which is 99 percent occupied.
A&B previously bought the property also known as Lanihau Center in 2005, and announced an estimated $85 million plan to add 238,000 square feet of commercial space to the 88,300-square-foot complex anchored by Sack N Save and Longs Drugs.
A year later, A&B sold the complex and land for the expansion to a group led by Michigan-based Westwood Development Group, which intended to follow through with the expansion plan. However, the expansion project didn't move forward. A&B's repurchase of Lanihau Marketplace excluded the expansion parcel.