New Owner Acquires Queens’ MarketPlaceMay 28, 2019, 11:14 AM HST (Updated May 28, 2019, 11:14 AM)
Alexander & Baldwin, which was recently involved in the Maui water controversy, recently acquired a new real estate investment on the Big Island—Queens’ MarketPlace—for $90 million off the market.
Alexander & Baldwin Inc. is Hawai‘i’s leading commercial real estate company and the foremost owner of grocery-anchored retail centers. A&B owns, operates and manages approximately 3.8 million square feet of primarily retail and industrial space in Hawai‘i as well as being a construction materials company and paving contractor. A&B also claims it is dedicated to renewable energy and land stewardship.
The 135,000-square-foot resort retail center is located 18 miles north of Kona International Airport is used by both locals and tourists. Its main feature is Island Gourmet Market and it also includes Romano’s Macaroni Grill, Sansei Seafood, Steak & Sushi Bar, a food court, office spaces, a food court, retail stores and a luxury cinema and event pavilion.
The companies stock, ALEX, is trading 7.37% above its 200 day-moving average.
“Queens’ MarketPlace has become a fixture on the Kohala Coast for local families and visitors to shop, eat and enjoy world-renowned entertainment,” said Scott Head, vice president of resort operations at Waikoloa Land Company. “For the last 40 years, Waikoloa Land Company has strived to create a gathering place that is worthy of Waikoloa’s rich history. We remain deeply committed to fulfilling this mission and look forward to seeing Queens’ MarketPlace continue to thrive in the future with Alexander & Baldwin.”
“As a local company with a long history in Hawai‘i, we understand how important a place like Queens’ MarketPlace is to the community it serves,” said Lance Parker, A&B chief real estate officer. “This is truly a special gathering place for residents and visitors alike. We appreciate that the Waikoloa Land Company has entrusted us with this center and look forward to continuing its legacy of success.”