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A&B to buy Kaneohe Ranch and Harold Castle land for $373M

By Star-Advertiser Staff

LAST UPDATED: 12:18 p.m. HST, Nov 20, 2013

Alexander & Baldwin, Inc. is buying the Oahu land assets of Kaneohe Ranch Co. and Harold K.L. Castle Foundation, including most of Kailua's retail district, for $373 million. The transactions are expected to close in late December 2013.

The sale includes two parts. Kaneohe Ranch is selling its Oahu land holdings for $260 million and will continue to own and manage some Oahu properties as well as its mainland land assets, the company said. At the same time the Harold K.L. Castle Foundation will sell all of its properties to A&B.

The total sales price for both the Kaneohe Ranch and Harold K.L. Castle Foundation land assets is $373 million.

The combined sale includes 36.4 acres in downtown Kailua.

"I don't believe we could have found a better buyer than Alexander & Baldwin," said Mitch D'Olier, Kaneohe Ranch president and CEO, and president of the Harold K.L. Castle Foundation. "A&B is such a respected kamaaina business institution with a similar history to that of the Castle family. They both grew from island roots with a strong understanding of Island culture and a true, long-term commitment to improving Hawaii. I know that Chairman and Chief Executive Officer Stanley Kuriyama, President and Chief Operating Officer Christopher Benjamin and their team will be good stewards of this property, its businesses and tenants, because I've witnessed their careful and sensitive approach over many years."

A&B said it will fund the purchase with proceeds from the planned sale of several commercial properties it owns on the Mainland.

"With this purchase, we will be acquiring one of the state's largest and finest retail portfolios, in an excellent market. This is an opportunity that rarely arises in Hawaii, and our decision to purchase is a reflection of our confidence in and commitment to Hawaii's future," said Stanley M. Kuriyama, A&B chairman and chief executive officer. "This acquisition dramatically accelerates our strategy of migrating our Mainland portfolio to Hawaii, diversifies our holdings with a major investment in the Windward side of Oahu, and improves the quality of earnings from our overall commercial portfolio. We look forward to working with the Kailua community in meeting the community's needs and building upon the successes achieved by Kaneohe Ranch and HKL Castle Foundation."

"We take a long-term perspective on our community development efforts and strive to work closely with communities to meet their changing needs," said Christopher J. Benjamin, A&B president and chief operating officer. "Kailua is a thriving and vibrant community, and we intend to partner with the community in maintaining the livability, desirability and beauty of Kailua town."

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Hapa_Haole_Boy wrote:
Was there really any doubt it'd be A&B? Still, just about as good a buyer as can be hoped for. Recently the Genshiro Kawamoto properties, now this-- mahalo to A&B for taking care of our islands.
on November 20,2013 | 10:52AM
allie wrote:
This comment has been deleted.
on November 20,2013 | 11:11AM
earlv wrote:
There is no more Campbell Estate......It dissolved a couple of years ago.
on November 20,2013 | 11:36AM
allie wrote:
This comment has been deleted.
on November 20,2013 | 12:49PM
mellishi wrote:
...you do mean the Campbell Soup Company...right? earlv is correct, there is no Campbell Estate.
on November 20,2013 | 03:25PM
Hapa_Haole_Boy wrote:
ht tps://ww w.jamescampbell.co m/. The (latest) iteration of JCE.
on November 20,2013 | 03:56PM
mellishi wrote:
...my apologies to allie. The Estate of James Campbell was dissolved, but the James Campbell Company does maintain its presence as a new entity.
on November 21,2013 | 07:56AM
johndoe wrote:
Awesome that a local group was able to purchase!
on November 20,2013 | 10:53AM
serious wrote:
That is true, but putting all eggs in one basket--ID'd stay diversified. Democrats own this state and if they see someone making money--watch out!!
on November 20,2013 | 12:17PM
shanik wrote:
good point!
on November 20,2013 | 12:32PM
allie wrote:
This comment has been deleted.
on November 20,2013 | 12:51PM
aomohoa wrote:
Why aren't you studying?? Scary is you not passing your finals. Did you buy your one way ticket to ND yet???
on November 20,2013 | 06:42PM
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