A&B TO SELL AND LEASE MAUI PARCELS TO POSEIDEN PROPERTIES; Veteran Developer Duncan MacNaughton To Develop Value Retail Center.HONOLULU--(BUSINESS WIRE)--April 27, 1995--Alexander & Baldwin, Inc. (A&B) and Poseiden Properties, Inc. (Poseiden) have signed a Memorandum of Intent for the development of a value retail center in Kahului, Maui, announced John C. Couch, chairman, president and chief executive officer of A&B. Under the terms of this preliminary agreement, A&B will sell to Poseiden a 5.5-acre parcel and will enter into a long-term ground lease with Poseiden for an additional 14-acre parcel. Both parcels are located within the 42-acre Phase IA of the planned 76-acre first phase of the Kahului Industrial Park, construction of which has begun on Dairy Road, between Hana Highway The Hāna Highway (also known as the Hana Road or Road To Hana) is the name given to Hawaii State Highways 31, 36 and 360, especially the 68-mile/109km long stretch encompassing highways 36 and 360 which in turn connects the population center of Kahului with the and the fire station. Poseiden, a Hawaii corporation which is owned by veteran Hawaii developer Duncan MacNaughton, plans to develop a 280,000-square-foot value retail center, which will be centered around prominent national value retailers such as Sports Authority Sports Authority is the USA's largest full line sporting goods retailer. The company is headquartered in Englewood, Colorado. It operates over 400 stores in 45 U.S. states under the Sports Authority name. Total sales for the fiscal year ending January 29 2005 were $2.44 billion. and Borders Bookstore. The final agreement is expected to be signed within 45 days. "A&B is pleased to have such an experienced developer, Duncan MacNaughton, involved in our Kahului Industrial Park project," said Couch. "This center will certainly benefit the residents of Maui by providing them with more retail choices." MacNaughton is an experienced and successful real estate developer, whose impressive list of accomplishments includes the development of the 725,000-square-foot Waikele value retail center and factory outlet center; the Costco Center in Salt Lake, Oahu; all of the Kmart stores in the State of Hawaii; and the Kaanapali Royal Resort 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. on Maui. "We worked successfully with A&B to bring Kmart to Maui and are enthusiastic about this new project," said MacNaughton. "We plan to develop a retail center that will serve the Maui community much like Waikele has served Oahu." Headquartered in Honolulu, Alexander & Baldwin, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ALEX) is a diversified diversified (di·verˑ·s corporation with two major subsidiaries: 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. (ocean transportation and container leasing) and A&B-Hawaii, Inc. (property development and management and food products). CONTACT: Alexander & Baldwin, Inc. Meredith J. Ching For the Chinese surname Ching 程, see . For the Chinese dynasty, see . The ching (Thai: ฉิ่ง; sometimes romanized as chhing) are small bowl-shaped finger cymbals of thick and heavy bronze, with a broad rim commonly used in Cambodia and , 808/525-6669 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion