Alexander & Baldwin Enhances Portfolio with 75-Year Ground Lease in Maui Business Park
- Alexander & Baldwin secured a 75-year ground lease for 4.7 acres in Maui Business Park Phase II.
- The lease aims to convert non-revenue land into productive assets, enhancing A&B's real estate portfolio.
- A&B promotes leasing opportunities in Maui Business Park, supporting business growth in Hawai'i's commercial market.
Alexander & Baldwin Expands Portfolio with Strategic Ground Lease in Maui
Alexander & Baldwin, Inc. (A&B), a prominent player in Hawai'i's commercial real estate market, recently announces a pivotal 75-year ground lease for 4.7 acres within its Maui Business Park Phase II in Kahului. This agreement with a notable self-storage developer underscores the company’s strategy to enhance its real estate portfolio and convert previously non-revenue generating land into a productive asset. Lance Parker, A&B’s president and CEO, expresses optimism about the surge in commercial activity within the Maui Business Park, highlighting the efficiency of capital associated with this lease and the potential for further investments in the area.
Maui Business Park Phase II, which spans an expansive 125 acres, boasts a prime location near Kahului Harbor and Airport, positioning it as an appealing site for a variety of businesses. The development offers lot sizes ranging from one-half to five acres, catering to national, regional, and local enterprises. Being situated in an Opportunity Zone adds further appeal by providing potential tax deferral benefits for qualified purchasers. This strategic location and favorable leasing terms make the park an attractive proposition for businesses looking to establish a presence in one of Hawai'i's most dynamic economic zones.
A&B, which manages an impressive portfolio of approximately 4.0 million square feet of commercial space—including retail centers, industrial assets, and office properties—continues to play a vital role in the economic landscape of Hawai'i. With a legacy spanning 155 years, the company has been instrumental in the development of various sectors, including agriculture, transportation, tourism, and commercial real estate. The recent lease agreement not only signals A&B's ongoing commitment to enhancing its portfolio but also reinforces its position as the sole publicly traded real estate investment trust focused exclusively on Hawai'i's commercial real estate market.
In addition to this significant lease, A&B encourages interested parties to explore leasing opportunities within Maui Business Park Phase II, with further information available on the park's website. For direct inquiries, potential tenants can contact Bill Froelich, who is overseeing leasing efforts in this prime development. This proactive approach by A&B underscores its dedication to fostering business growth and contributing to the economic vitality of the region.