A&B Invests in West Maui Retail Center: the Napili Plaza.Business Editors/Real Estate Writers HONOLULU--(BUSINESS WIRE)--Aug. 1, 2003 A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc. (Nasdaq:ALEX), has purchased the Napili Plaza from Maui Land & Pineapple Co., Inc. (AMEX AMEX See: American Stock Exchange :MLP (Meridian Lossless Packing) The compression technique used in DVD-Audio that provides the highest audio quality. It delivers two channels at 192 kHz with 24-bit samples or six channels at 96 kHz. ) for $7.1 million. The 45,200 square-foot neighborhood retail center is situated in West Maui between the resort communities of Kapalua and Kaanapali, on 4.05 fee simple acres of land fronting the area's main thoroughfare THOROUGHFARE. A street or way so open that one can go through and get out of it without returning. It differs from a cul de sac, (q.v.) which is open only at one end. 2. Whether a street which is not a thoroughfare is a highway, seems not fully settled. , the Honoapi'ilani Highway. "This purchase represents our first investment in income property that serves the upscale resort communities of Napili and Kapalua," said Stanley M. Kuriyama, A&B Properties CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "This property provides diversification from our historic land base in Central and Upcountry Maui, and allows us to benefit from the continuing growth in the West Maui area. Napili Plaza also increases our Hawaii portfolio of retail properties, enhancing A&B's ability to present multiple choices to merchants and service providers." With this acquisition, A&B will own nine retail properties throughout the state, with a tenth to start construction later this year. The Napili Plaza was developed by Maui Land & Pineapple in 1991 and is 75 percent occupied, with 19 tenants in total; its anchor tenant, the Napili Market, is joined by Maui Tacos Maui Tacos is a fast food franchise restaurant that serves Mexican food with a twist of Hawaiian flavor. The first Maui Tacos was opened by Mark Ellman in 1993 in Nāpili, Maui, Hawaiʻi. , Maui Ribs & Rotisserie, First Hawaiian Bank, and other retail and service-type businesses. The center provides goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. for residents in Napili as well as visitors staying at transient accommodations in the area. Napili Plaza's sales have shown consistent growth, with over a nine percent increase in 2003 following the completion of a 184-unit condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. project immediately adjacent to the Center. Including this property, A&B Properties' real estate portfolio will include 26 commercial properties in Hawaii and 18 on the U. S. Mainland. Additional information may be found at its web site: www.abprop.com. A&B Properties, Inc. is the property development and management subsidiary of Alexander & Baldwin, Inc., a diversified corporation headquartered in Honolulu. A&B owns 91,000 acres in Hawaii, making it Hawaii's fifth largest private landowner. A&B's major lines of business are ocean transportation (Matson Navigation Company Matson Navigation Company, a subsidiary of Alexander & Baldwin, is a private ocean transportation company with roots extending into the late 19th century. It is credited with introducing mass tourism to Hawaii with the opening of the Moana Hotel (now known as the Moana Surfrider Hotel) , Inc.); property development and management (A&B Properties, Inc.); and food products (Hawaiian Commercial & Sugar Company, Kauai Coffee Company). Additional information about A&B may be found at its web site: www.alexanderbaldwin.com. Statements in this press release that are not historical facts are "forward-looking" statements that involve a number of risks and uncertainties such as those described on page 19 of the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , which is incorporated in the Company's 2002 annual report to shareholders. These factors could cause actual results to differ materially from those projected in the statements. |
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