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Retail News > A&B Properties Inc.

Oahu, HI – A&B Properties Inc., the real estate subsidiary of Honolulu-based Alexander & Baldwin, has acquired the 170,275-square-foot Waianae Mall in Leeward Oahu from TNP Strategic Retail Trust Inc. The $29.8 million purchase price included the assumption of a $19.7 million mortgage, at a 5.4 percent interest rate.

“The Waianae Mall acquisition redeploys proceeds realized from a July 2012 land sale, on a tax-advantaged basis, into a favorably priced, significantly higher income-generating commercial property on Oahu,” said Christopher Benjamin, A&B’s president & COO.

Located 32 miles west of downtown Honolulu, the 10-building retail center on the Waianae Coast serves an area of approximately 35,000 residents. It was built in 1981 and it is anchored by a Long’s/CVS drugstore and a City Mill hardware store. The property’s additional tenants include American Savings Bank, Bank of Hawaii, Burger King, Goodyear Tire, Jamba Juice, Pizza Hut, Radio Shack and Starbucks.

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