Mall in Hawaii changing hands in early 2014

A mall in Hawaii will change hands in 2014.

The fourth largest private landowner in Hawaii has agreed to part ways with Maui Mall in a deal with mainland investors that should be finalized by early 2014.

A&B Properties, a subsidiary of Alexander & Baldwin, Inc., will sell the property to Denver-based Alberta Development Partners and an affiliate of Chicago-based Walton Street Capital.

"Maui Mall has been in our Hawaii retail portfolio for over 40 years," said Christopher Benjamin, president and chief operating officer of A&B. "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 Properties holds more than 87,000 acres of Hawaiian land, primarily on the islands of Maui and Kauai. Despite the sale, Benjamin remains devoted to Maui.

"Even after the sale of Maui 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 added. "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."

Alexander & Baldwin have been very active in the market and announced it would be buying which part of Kailua and other Kaneohe Ranch holdings in Hawaii for $373 million, according to the Pacific Business News.

About the mall
The Maui Mall was originally developed by A&B in 1971. The mall is 95 percent occupied and features such stores as Whole Foods, Longs Drugs/CVS, Wallace Theaters and IHOP. A spokesperson for A&B passed on revealing the sale price of the deal since the sale had not yet closed, according to Maui Now.

Pacific Business News reported the mall has a little more than 185,00 square feet of space, and it's in the middle of a 31,940-square-feet expansion to build a T.J. Maxx store and another building.

The buyers at Alberta Development Partners are focused on mixed-use commercial projects, residential projects and regional retail shopping centers. Alberta is most active in Denver, Los Angeles, Dallas and Calgary, Alberta. The company has completed more than $3.5 billion worth of projects.

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