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PHOTO ILLUSTRATION BY MARTHA HERNANDEZ / MHERNANDEZ@STARADVERTISER.COM
The Castle Foundation will take in $113 million while Kaneohe Ranch will receive $260 million in the sale
Alexander & Baldwin Inc. has completed its $373 million purchase of real estate that includes much of downtown Kailua from Kaneohe Ranch and the Harold K.L. Castle Foundation.
The deal, which was announced last month, closed today.
"We are extremely happy to complete our purchase of the former Kaneohe Ranch and Harold K.L. Castle Foundation Hawaii commercial portfolio," Chris Benjamin, A&B’s president and chief operating officer, said in a statement. "We are proud to be part of the Windward Oahu community and look forward to a long-term relationship."
A&B said its plan over the next several months is to get to know the community better to help shape its vision for its new real estate assets that include 70 percent of the commercial-zoned land and 90 percent of the retail property in Kailua.
The portfolio also includes commercial property in urban Honolulu and Kaneohe, plus 585 acres in Windward Oahu zoned for preservation.
A&B has set up a website at abkailua.com and opened a Kailua office at 146 Hekili Street, Suite 202, in the effort to share information with the community.
