A&B Sells Kahului, Maui Property For $18.2 Million; Costco Wholesale Membership Warehouse Is Located on Parcel.Business Editors HONOLULU--(BUSINESS WIRE)--June 22, 2000 Alexander & Baldwin, Inc. (A&B) (Nasdaq:ALEX) today completed the sale of the fee simple interest in a 13-acre parcel of land in Kahului, Maui for $18.2 million, announced A&B President and Chief Executive Officer W. Allen Doane. On the parcel is a 134,000 square foot wholesale membership warehouse, built by Costco Wholesale Corporation, and opened for business in 1995. Costco continues to be the tenant under a long-term ground lease. The purchasers are two related entities: the Hawaii Electricians Annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. Fund and Hawaii Electricians Pension Fund; they were represented by Marcus & Associates, Inc. "Back in 1994, when we announced Costco's tenancy A situation that arises when one individual conveys real property to another individual by way of a lease. The relation of an individual to the land he or she holds that designates the extent of that person's estate in real property. at this key Maui location," said Doane, "we anticipated that Maui's consumers would value having the choice of shopping at a wholesale membership club. That has proven to be the case, and it is gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to transfer ownership of this successful property to another Hawaii-based entity. We expect to reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. these funds shortly, and we are actively evaluating potential replacement properties." The parcel is located on the corner of Haleakala Highway and Dairy Road, adjacent to the island's only Kmart and near the Maui airport. Alexander & Baldwin, Inc. is a diversified diversified (di·verˑ·s corporation headquartered in Honolulu. 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 and Sugar Company, Kauai Coffee Company). Additional information about A&B may be found at its web site: www.alexanderbaldwin.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion