Alexander & Baldwin Inc. completed its $373 million real estate purchase concentrated in downtown Kailua on Friday, and the company was quick to add a new tenant to the town: itself.

A&B opened a Kailua office to establish a presence and manage its new collection of assets that includes 70 percent of the commercial-zoned land and 90 percent of the retail property in Kailua acquired from Kaneohe Ranch Co. and the Harold K.L. Castle Foundation.

Beyond the new office, though, not much in the way of changes is expected for the town’s commercial core in the short term. A&B said redevelopment opportunities have more of medium- to long-term horizon and that it wants to hear from residents to help shape plans for Kailua’s future.

"Not much is going to change any time soon," said Chris Benjamin, A&B’s president and chief operating officer. "We are proud to be part of the Windward Oahu community and look forward to a long-term relationship."

A&B said that over the next several months it wants to get to know the community better, and is seeking input through a new website — abkailua.com — where news about Kailua will also be posted.

The company’s new office is at 146 Hekili St., Suite 202, which will serve as a temporary outpost until a more permanent office in Kailua can be established.

Four Kaneohe Ranch employees were hired by A&B to help make its management transition smooth. Those employees are Kimo Steinwascher, Miles Nishijima, Chester Hughes and Marcia Murakami.

Kaneohe Ranch had 14 employees, some of whom also did work for the charitable foundation. All 10 remaining employees will continue to work for Kaneohe Ranch, which retained a few Kailua properties and still owns a collection of real estate on the mainland valued at $160 million.

Kaneohe Ranch also manages the assets of the foundation, which will receive $113 million of the proceeds from the A&B deal that will need to be reinvested. The $260 million balance of the proceeds is being distributed to heirs of Harold Kai nalu Long Castle.

Mitch D’Olier, Kaneohe Ranch president and CEO, who is also president of the foundation, said the charitable organization will be awarding more grants and is in a better position to remain a perpetually endowed institution.

The foundation’s board earlier this month increased grants to a dozen organizations, including a five-year commitment to the Boys & Girls Club of Hawaii’s Windward Clubhouse, D’Olier said.

"I personally look forward to what I call ‘Harold K.L. Castle, Phase 2’ — the next phase of the Harold K.L. Castle Foundation in our community," he said.

D’Olier also said that Kailua is in good hands with what he called an historic and long-standing kamaaina company with deep Hawaii roots. "Alexander & Baldwin is sensitive to community needs and will be a good steward of this property," he said.

A&B, based in Honolulu, was established in 1870 and, mainly through the operation of sugar cane plantations, became one of Hawaii’s biggest private landowners.

Last year the company spun off subsidiary Matson Navigation Co. and launched a strategy to increase the amount of commercial real estate it owns in Hawaii largely financed by selling similar income-producing property it owns on the mainland.

A&B owns roughly 87,000 acres of mostly farmland primarily on Maui and Kauai. The company’s commercial real estate portfolio is made up of 45 properties with 8 million square feet of retail, office and industrial space in Hawaii and eight other states.

The Kaneohe Ranch and Castle Foundation portfolio added 386,000 square feet of retail and light industrial space in the heart of Kailua, including retail centers anchored by Whole Foods Market, Longs Drugs, Foodland and Times Supermarkets.

Other land in Kailua now owned by A&B includes 15 acres leased to Safeway, Macy’s and other businesses, 67 acres zoned for agriculture and 509 acres zoned for preservation.

Another 36 acres of land acquired in the deal is elsewhere in Windward Oahu and in urban Honolulu, and is leased for commercial use including three grocery-anchored shopping centers, one office/retail center and two auto dealerships.