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Alexander & Baldwin buys 3 Hawaii shopping centers for $254M

Alexander & Baldwin Inc. is acquiring three newly constructed shopping centers in Hawaii from Terramar Retail Centers LLC for $254 million, including the assumption of $62 million in mortgage debt.

The assets include the 175,000-square-foot Laulani Village in Ewa Beach, Oahu; the 103,000-square-foot Hokulei Village in Lihue, Kauai; and the 113,000-square-foot Pu'unene Shopping Center in Kahului, Maui.

To finance the transaction, Alexander & Baldwin plans to use proceeds from the sale of its final commercial real estate properties on the mainland, as well as the assumed mortgage, other asset sale proceeds and cash, according to a release.