Alexander & Baldwin, Inc. announced on September 23, 2024, the completion of an off-market acquisition of an 81,500-square-foot industrial property in Pearl City, O'ahu. The transaction was valued at $29.7 million, expanding the company's industrial footprint in Central Oahu.
The acquired facility is a food distribution center fully leased to Hansen Distribution Group, a subsidiary of C&S Wholesale Grocers, under a long-term lease agreement. This strategic acquisition aligns with Alexander & Baldwin's focus on expanding its commercial real estate portfolio in Hawaii, specifically targeting retail, industrial, and ground lease assets.
Management expects this investment to be immediately accretive to Funds From Operations (FFO), strengthening the company's position in O'ahu's tight industrial market. The central location of the property provides access to key transportation hubs, enhancing its value as a critical supply chain asset for the local community.
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