Hawaii real estate investment firm Alexander & Baldwin Inc. has used some of the proceeds from selling its former Maui sugar plantation lands to buy two warehouse buildings in Kapolei.

The company announced Tuesday that it paid $40 million for the buildings with 150,000 square feet of space at Kapolei Business Park. A&B said the seller, national moving company Covan, will lease about 75 percent of the warehouse space as a tenant.

A&B sold 41,000 acres of Maui farmland for $262 million to a California agriculture company and a Canadian pension fund in December. Much of the land was undergoing a conversion to diversified crops after A&B shut down Hawaiian Commercial & Sugar Co. in 2016.

ON THE MOVE

American Savings Bank has announced the following new hires:

>> Stefan Kant Jr. is the newest vice president, residential loan officer. He has five years’ experience in mortgage financing, including previously having a career on Wall Street. Currently, Kant has dual careers in residential loans as well as the dance industry.

>> Jessica Rocho Nagatani is the new first vice president, residential loan manager at American Savings Bank. Nagatani has 15 years of mortgage experience, including having previously served as a mortgage consultant at one of the largest financial service companies in the nation.

Hawaii’s National Tropical Botanical Garden has announced that Janet L. Mayfield is its new director and chief executive officer. She was previously the organization’s chief operating officer and chief financial officer from 2003 to 2018. Mayfield also served from 1997 to 1999 as NTBG’s controller.