Alexander & Baldwin Inc. real estate subsidiary A&B Properties, Inc. has completed the acquisition of Napili Plaza, a 46,000 square-foot retail center in West Maui, for $19 million.
The company announced this morning that the purchase represents the reinvestment of $15 million from the January sale of the Northpoint Industrial facility in Fullerton, Calif., and non-income producing land in Hawaii. The remainder of the purchase price will be financed with reverse 1031 exchange sale proceeds from the future sale of mainland assets, it said in a statement.
Napili Plaza is on Honoapi‘ilani Highway between resorts at Kapalua and Ka‘anapali, and is anchored by Napili Market. The 92-percent-occupied center also includes a mix of long-term tenants that cater to both visitors and local residents, the company said.