HONOLULU, Nov. 12, 2021 /PRNewswire/ -- Alexander
& Baldwin, Inc. (NYSE:ALEX) ("A&B" or "Company") today
announced it has sold its Kukui`ula residential development on the
island of Kaua`i (the "Project"). A&B and its development
partner, DMB Development, LLC of Scottsdale, AZ ("DMB"), completed the sale to
Denver-based Brue Baukol Capital
Partners ("BBCP") today. BBCP now assumes the role of master
developer of the community.
A&B and DMB (collectively the "Partners") formed a
partnership in 2002 for purposes of planning and developing the
1,000-acre resort community on Kaua`i's south shore. Construction
began in 2006 and the community today is thriving, with more than
280 lots sold and more than 125 homes completed. The Partners
pursued a sale of the Project largely because of A&B's
strategic decision to focus its business model on commercial real
estate. A comprehensive marketing process began earlier this year
and led to the selection of BBCP as the buyer and new
developer.
"A&B and DMB have partnered for nearly 20 years in pursuit
of our shared vision for Kukui`ula. We are proud of the vibrant
community we have created and thankful to our more than 200
Kukui`ula employees for their help in creating such a special
place," said A&B CEO Chris
Benjamin. "A&B has significant continuing interests on
Kaua`i, including ownership of the adjacent Shops at Kukui`ula
retail center, and will remain committed to the well-being of
Kaua`i's communities. The sale of Kukui`ula is an important step
forward in the simplification of A&B's business model and
positions us to expand our Hawai`i commercial real estate
portfolio."
"From our first visit to Kukui`ula in 2002, we understood what a
unique place it is. Through our partnership with A&B and the
dedication of our employees and members, we are proud to have
created a community that properly reflects the warm spirit and
natural beauty of Kaua`i," said DMB Chairman Drew Brown. "We are pleased to have found a
respected developer in Brue Baukol Capital Partners to steward the
Project from this point forward."
About Alexander & Baldwin, Inc.
Alexander &
Baldwin, Inc. (NYSE: ALEX) (A&B) is the only publicly-traded
real estate investment trust to focus exclusively on Hawai`i
commercial real estate and is the state's largest owner of
grocery-anchored, neighborhood shopping centers. A&B owns,
operates and manages approximately 3.9 million square feet of
commercial space in Hawai`i, including 22 retail centers, 11
industrial assets and 4 office properties, as well as 147 acres of
ground leases. A&B is expanding and strengthening its Hawai`i
CRE portfolio and achieving its strategic focus on commercial real
estate by monetizing its remaining non-core assets. Over its
150-year history, A&B has evolved with the state's economy and
played a leadership role in the development of the agricultural,
transportation, tourism, construction, residential and commercial
real estate industries. Learn more about A&B at
www.alexanderbaldwin.com.
About DMB Development
DMB Development is a nationally
recognized developer of large-scale planned communities, with
operations throughout the United
States. DMB's track record of developing world-class
communities is predicated on building lasting relationships with
municipalities, surrounding residents, local businesses, community
groups, and other community stakeholders. DMB selects truly
exceptional properties in the most desirable locations and creates
new communities that have a positive impact on the community at
large. DMB communities have won countless awards for design,
planning, innovation, and environmental sensitivity. Learn more
about DMB at www.dmbdevelopment.com.
Media Contacts:
Andrea Galvin, A&B (Hawai`i)
agalvin@abhi.com, 808.525.8404
Alexandra Ostridge, C&R PR
(National)
ali@candrpr.com, 310.926.3253
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SOURCE Alexander & Baldwin, Inc.