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Alexander & Baldwin completes Grace Pacific purchase

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Honolulu-based Alexander & Baldwin Inc. has completed its previously announced acquisition of GPC Holdings, the holding company for Grace Pacific LLC, making Grace Pacific a wholly owned subsidiary of A&B.

The purchase will complement A&B’s Hawaii-focused real estate and other operational opportunities, said Stanley Kuriyama, A&B chairman and chief executive, in a statement.

Grace Pacific has 560 employees.

Separately, A&B’s board of directors announced a fourth quarter, 2013, dividend of 4 cents per share, payable Dec. 5 to shareholders of record as of the close of business Nov. 7.

A&B announced plans to refinance and acquire control of the Shops at Kukuiula, on Kauai. The 78,900 square-foot center was developed in 2009 through a joint venture as part of the Kukuiula resort. Tenants include Merriman’s Fishhouse, Josselin’s Tapas Bar & Grill, Quicksilver, and Tommy Bahama.

The company also has announced the completion of the sale of a 209-acre parcel of land on Maui to Maui County, and the sales of two mainland properties, partially to fund the purchase of Pearl Highlands Center, on Oahu.

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