Alexander & Baldwin Secures 75-Year Ground Lease to Boost Maui Business Park Portfolio
- Alexander & Baldwin signed a 75-year ground lease for 4.7 acres at Maui Business Park, enhancing its real estate portfolio.
- CEO Lance Parker highlights the lease's potential to attract further investment and capitalize on Maui's commercial activity.
- The company focuses on transforming non-income generating land into productive assets to foster economic growth in Hawaii.
Alexander & Baldwin Expands Its Portfolio with Strategic Ground Lease in Maui
On April 16, 2025, Alexander & Baldwin, Inc. announces a significant 75-year ground lease of 4.7 acres at Maui Business Park Phase II in Kahului, Maui, with a prominent self-storage developer. This agreement underscores the company's strategy of transforming previously non-income generating land into productive assets, reflecting its commitment to enhancing its diverse real estate portfolio. CEO Lance Parker expresses optimism about the ongoing commercial activity and interest at Maui Business Park, highlighting the capital-efficient nature of this lease as a catalyst for further investment in the area.
Maui Business Park Phase II encompasses a total of 125 acres and is strategically situated near critical infrastructure such as Kahului Harbor and Airport. This prime location positions the park as an attractive destination for a variety of businesses, from national brands to local enterprises. The development offers lots ranging from one-half to five acres, making it adaptable for different commercial needs. Furthermore, being located in an Opportunity Zone, the park provides potential tax deferral benefits for qualified purchasers, enhancing its appeal to prospective tenants and investors.
As the only publicly traded real estate investment trust focused solely on Hawai'i's commercial real estate market, Alexander & Baldwin manages approximately 4.0 million square feet of commercial space, which includes 21 retail centers, 14 industrial assets, and four office properties. With a rich history spanning 155 years, the company has significantly contributed to the economic development of Hawaii across several sectors, including agriculture, tourism, and real estate. The latest development at Maui Business Park Phase II reflects A&B's ongoing commitment to fostering commercial growth in the region, providing valuable opportunities for businesses looking to establish themselves in a vibrant economic landscape.
In addition to its recent lease agreement, Alexander & Baldwin continues to emphasize its role as a leader in the commercial real estate sector in Hawaii. The company invites interested parties to explore leasing opportunities at Maui Business Park Phase II, providing direct contact information for inquiries. With its strategic initiatives, A&B aims to further bolster Hawaii's economic landscape while enhancing its own portfolio in the process.
