Alexander & Baldwin Inc. has announced that they will be buying the Pearl Highlands Center for $141.5 million. The purchase of the retail center would include the assumption of a $59.3 million mortgage and the transaction is expected to close by the end of 2013. The Pearl Highlands Center has approximately 415,000 sq ft of retail space and is anchored by Regal Theaters, Ross Dress for Less, 24 Hour Fitness and Sam’s Club. The company had purchased the Waianae Mall in January 2013 for $30 million and purchase the Napili Plaza on Maui for $19 million in May 2013. Alexander & Baldwin’s president and Chief Operating Officer, Chris Benjamin, stated, “The addition of Pearl Highlands will boost our total Hawaii commercial (real estate) square footage over the 2 million-square-foot mark, a 25 percent increase.”
Source: Honolulu Star Advertiser, 5-31-2013, 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
