Maui Land & Pineapple Co. announced Friday it has reached an agreement to sell about 46 acres of property in its Kapalua Resort for $43.85 million to KCRMD LLC, a Delaware limited-liability company.
The purchase agreement includes a due-diligence period ending July 31 and a closing date 45 days after that.
KCRMD will deposit $500,000 of the purchase price into escrow, which will be applied against the purchase price at closing. If KCRMD elects not to complete the purchase prior to the end of the due-diligence period, the escrowed amount will be refunded to KCRMD. The escrowed amount will become a nonrefundable deposit if KCRMD elects to proceed with the purchase upon expiration of the due-diligence period.