A&B Sells 5 Land Parcels at Maui Business Park and Expands Development’s Offerings
Commerical real estate company Alexander & Baldwin announced today the expansion of its land offerings in the South Project area of the Maui Business Park after selling on Friday five land parcels totaling 6.3 acres for $10.9 million in the North Project area of the 125-acre development.
The five land parcels (units 14-18) were purchased April 30, 2021 by an affiliate of R.D. Olson Development.
Since March of last year, A&B has sold 8.7 acres of land for $15.1 million at its Maui Business Park, a 125-acre industrial-zoned development in central Kahului near the Kahului Airport and Harbor, according to the companyʻs news release.
“[The] closing of the sale of five land parcels in Maui Business Park Phase II (“MBPII”) reflects continued buyer interest in this well-located project despite the challenges presented by COVID,” said Jeff Pauker, A&B senior vice president, investments. “In response to this sales momentum, A&B is bringing to market additional lands with exceptional frontage along Ho’okele Street – Kahului’s most active commercial corridor.
“The lands are being offered for sale or for build-to-suit leases. Purchasers/tenants of these land condominium units will benefit from adjacency to leading retailers including Target, Safeway and Lowe’s, as well as the many other local and national commercial and industrial users located in the business park.“
Alexander & Baldwin’s newest land offerings are within MBPII’s South Project area located off Hana Highway at Hoʻokele Street. The 12 land condominium units recently released for sale range from 0.9 to 4.7 acres with asking prices from $44 to $58 per square foot.
“We’re optimistic that continued success at Maui Business Park will soon translate into the opening of new businesses that support local jobs, residents, business owners and Maui’s overall economy,” Pauker said.
A&B’s exclusive broker for Maui Business Park is commercial real estate brokerage firm Colliers. For additional information regarding Maui Business Park, visit mauibusinesspark.com, call 808-636-3999 or email William.Froelich@colliers.com.