Alexander & Baldwin announced Friday that it has finalized its purchase of commercial properties belonging to Kaneohe Ranch and the Harold Castle Foundation.
The purchase was stated at $373 million.
Those properties include grocery & drug store anchored shopping centers, retail strip centers, industrial properties and other agricultural leases located mostly in Kailua. Basically, a large chunk of downtown Kailua.
A & B bought the more than 650 acres of land because its leaders believe this commercial district and others around Kailua have a lot of value.
A & B's president Christopher Benjamin says they have no immediate plans for any more projects in this already bustling community. But project already underway will continue.
A & B has also opened a Kailua office on Hekili Street and will provide its tenants with information about the purchase.