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Alexander & Baldwin sells 2 Honolulu office assets to Hong Kong investor

Hawaii-based real estate investment trust Alexander & Baldwin Inc. sold two office properties in Honolulu to an unnamed Hong Kong investor for an undisclosed price, the Pacific Business News reported, citing the seller's spokesman, Darren Pai.

Pai told the publication that proceeds from the sale will go toward the REIT's $254 million purchase of three Hawaii shopping centers — Laulani Village on Oahu, Hokulei Village on Kauai and Pu'unene Shopping Center on Maui — from Terramar Retail Centers LLC.

In June 2000, the landlord paid $3.1 million to the Bank of Hawaii for the five-story Judd Building at 851 Fort St. Mall, headquartered there in 1900. The building houses the corporate headquarters of Reyn Spooner, along with the offices of Coffman Engineers, Davis Levin Livingston Attorneys and RIM Architects.

In December 1996, Alexander & Baldwin paid $2.8 million for the six-story Stangenwald Building at 119 Merchant St. from Merchant Street Holdings Inc. Tenants in the building include Honblue, Brue Bar, Leather Soul, Becker Communications and Mason Architects.

Standard Commercial LLC and List Sotheby's International Realty acted on the buyer's behalf in the transaction, the report noted.

Earlier in March, the trust sold two office buildings in Plano, Texas, to Libitzky Property Cos. and Sunwest Real Estate Group.