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Alexander & Baldwin acquires Home Depot ground lease in Honolulu for $42M

Alexander & Baldwin Inc. purchased the leased-fee interest in the land under a Home Depot warehouse store in Honolulu's Iwilei submarket for $42 million.

The parcel is nine acres, and Home Depot built a 132,908-square-foot warehouse store, a 15,075-square-foot garden center and a 604-car parking garage on the site.

The Hawai'i-based retail and industrial real estate investment trust said it funded the off-market transaction with proceeds from the $262 million sale of agricultural lands on Maui in December 2018. It also used proceeds from the aforementioned sale to purchase two class A warehouse buildings in Kapolei, Oahu, for $40 million in a deal that closed in December 2018.