Honolulu-based Alexander & Baldwin Inc. announced today that it has bought the 170,300-square-foot Waianae Mall shopping center for $29.8 million including the assumption of debt.
The company said it plans to increase occupancy at the mall and improve its position in the marketplace.
“We plan to revitalize the mall and restore it as an important retail and community center for Waianae residents”, Chris Benjamin, A&B’s president and chief operating officer, said in a statement.
The seller was TNP Strategic Retail Trust Inc., a private real estate investment trust that is based in California and primarily buys retail centers anchored by grocery and drug stores in the western United States. TNP bought Waianae Mall in 2010 for $25.5 million.