Alexander & Baldwin Inc. hopes to cash in on upgrades it made to Mililani Shopping Center by selling the mall seven years after acquiring the property.

A&B is asking $55 million for the mall, compared with the roughly $30 million it paid in 2002.

The 180,300-square-foot center is 99 percent occupied with about 50 tenants, according to Colliers Monroe Friedlander, which is marketing the property for A&B.

Mililani Shopping Center was the first of three shopping malls in the Central O'ahu community when it opened in 1970, and is the second-largest mall in the area today.

Honolulu-based A&B said it has made substantial improvements to the center since buying the property from Japan's Morita Co.

"Mililani Shopping Center is a major retail center in central Oahu, and offers an excellent opportunity for investors interested in expanding or initiating a Hawai'i-based portfolio," said Norb Buelsing, president of A&B Properties Inc.

Tenants include Ross Dress for Less, 24-Hour Fitness, Blockbuster, GameStop, Starbucks, Jack In the Box, Goodyear Tires, and NAPA Auto Parts. Established local tenants include Foodland Super Market, Bank of Hawaii, First Hawaiian Bank, American Savings Bank, Wahiawa General Hospital, Hawaii USA Federal Credit Union and The Shack Restaurant.

Alexander & Baldwin, through A&B Properties, owns 20 retail, office and industrial sites in Hawai'i and 22 in eight other states. Its Hawai'i portfolio includes the Kunia Shopping Center, Kaneohe Bay Shopping Center and Pacific Guardian Tower on O'ahu, and the Kahului Shopping Center and Maui Mall on the Valley Isle.