Home-improvement retailer Lowe’s has completed its planned purchase of land on Maui for a larger new store in Kahului.

An affiliate of landowner Alexander & Baldwin Inc. announced the sale Monday, saying Lowe’s paid $18.7 million for the 11-acre parcel at Maui Business Park.

Lowe’s plans to build a 167,000-square-foot store expected to break ground later this year, according to A&B.

The new store is slated to replace a roughly 145,000-square-foot store that Lowe’s acquired in 1999 as part of its acquisition of Eagle Hardware & Garden. The existing Lowe’s store is about a half-mile away at Maui Marketplace, a big-box retail center developed within Maui Business Park.

Maui Business Park is a roughly 220-acre light industrial subdivision that A&B began developing on former sugar plantation land in 1995. Tenants in the park include Home Depot, Costco, Kmart, a Target store that opened in March, Sports Authority, Office Max and and Pier 1 Imports.