Alexander & Baldwin, a Hawaii based real estate firm, has announced that they have purchased the Waianae Mall for $29.8 million. The property has approximately 170,000 sq ft of retail space and is the neighborhood shopping center. President and Chief Operating Officer for Alexander & Baldwin, Chris Benjamin, commented, “We plan to revitalize the mall and restore it as an important retail and community center for Waianae residents.”
The property was built in 1974 and has been struggling with occupancy rates over the last few years. Currently, the mall has an occupancy rate of 79 percent, though Alexander & Baldwin has stated that they do have a new anchor tenant in place which would increase that occupancy rate to 93 percent by the end of this year. Alexander & Baldwin would be the fourth owner for Waianae Mall in the past decade.
Source: Honolulu Star Advertiser, 1-24-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
