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Alexander & Baldwin closes off-market acquisition of Hawaii resort retail center

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Alexander & Baldwin closes off-market acquisition of Hawaii resort retail center

Alexander & Baldwin Inc. wrapped up its purchase of the Queens' MarketPlace in the Waikoloa Beach Resort in Hawaii in a $90 million off-market transaction.

The 135,000-square-foot resort retail center is anchored by Island Gourmet Market, with other specialty retailer tenants including Romano's Macaroni Grill, Sansei Seafood and Steak & Sushi Bar.

Other acquisitions recently made by the diversified real estate investment trust in Hawaii include three class A warehouse buildings in Kapolei for $66.5 million and the Foodland Super Market Ltd.-anchored shopping center Waipouli Town Center in Kapaa, Kauai, for about $17.8 million.

The REIT financed the acquisitions with proceeds from the sale of its 41,000-acre agricultural farmland in Maui.