Alexander & Baldwin has announced that they were the ones who purchased approximately 650 acres of land owned by the Kaneohe Ranch Company and the Harold K.L. Castle Foundation. The Hawaii based company purchased the land for a total of $373 million. While most of the 650 acres are zoned as agricultural land, and therefore not especially valuable, the purchase did include 36 acres of commercial land in Kailua Town. Alexander & Baldwin chairman and CEO, Stan Kuriyama, stated, "It is a portfolio that cannot be replicated. An acquisition of this scale and quality rarely occurs in Hawaii."
President and COO of Alexander & Baldwin, Chris Benjamin, added, "Kailua is a thriving and vibrant community, and we intend to partner with the community in maintaining the livability, desirability and beauty of Kailua town. We take a long-term perspective on our community development efforts and strive to work closely with communities to meet their changing needs."
Source: Honolulu Star Advertiser, 11-21-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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