Alexander & Baldwin Announces Ground Lease at Maui Business Park
Alexander & Baldwin (NYSE: ALEX) has secured a 75-year ground lease agreement for 4.7 acres at its Maui Business Park Phase II project in Kahului, Maui. The lease, established with a prominent self-storage developer, represents the company's strategy to convert non-income generating land into productive assets.
CEO Lance Parker highlighted the strong commercial activity at Maui Business Park and noted that alongside their ongoing build-to-suit development project, this capital-efficient approach allows A&B to potentially invest in the asset's development while expanding their commercial real estate portfolio in Hawaii.
Alexander & Baldwin (NYSE: ALEX) ha ottenuto un contratto di locazione del terreno della durata di 75 anni per 4,7 acri nel suo progetto Maui Business Park Fase II a Kahului, Maui. La locazione, stipulata con un importante sviluppatore di self-storage, rappresenta la strategia dell'azienda di trasformare terreni non redditizi in asset produttivi.
Il CEO Lance Parker ha sottolineato la forte attività commerciale al Maui Business Park e ha evidenziato che, insieme al loro progetto di sviluppo build-to-suit in corso, questo approccio efficiente dal punto di vista del capitale consente ad A&B di investire potenzialmente nello sviluppo dell'asset ampliando al contempo il loro portafoglio immobiliare commerciale alle Hawaii.
Alexander & Baldwin (NYSE: ALEX) ha asegurado un contrato de arrendamiento de terreno por 75 años para 4,7 acres en su proyecto Maui Business Park Fase II en Kahului, Maui. El arrendamiento, establecido con un destacado desarrollador de self-storage, representa la estrategia de la empresa para convertir terrenos que no generan ingresos en activos productivos.
El CEO Lance Parker destacó la fuerte actividad comercial en Maui Business Park y señaló que, junto con su proyecto de desarrollo a medida en curso, este enfoque eficiente en capital permite a A&B invertir potencialmente en el desarrollo del activo mientras amplían su cartera de bienes raíces comerciales en Hawái.
Alexander & Baldwin (NYSE: ALEX)는 마우이 카훌루이의 Maui Business Park Phase II 프로젝트 내 4.7에이커 부지에 대해 75년 장기 토지 임대 계약을 체결했습니다. 이 임대 계약은 저명한 셀프 스토리지 개발업체와 체결되었으며, 수익을 창출하지 않는 토지를 생산적인 자산으로 전환하려는 회사의 전략을 반영합니다.
CEO Lance Parker는 Maui Business Park의 활발한 상업 활동을 강조하며, 진행 중인 맞춤형 건설 개발 프로젝트와 함께 이 자본 효율적인 접근 방식이 A&B가 자산 개발에 잠재적으로 투자하면서 하와이 내 상업용 부동산 포트폴리오를 확장할 수 있게 한다고 언급했습니다.
Alexander & Baldwin (NYSE : ALEX) a conclu un bail foncier de 75 ans pour 4,7 acres dans son projet Maui Business Park Phase II à Kahului, Maui. Ce bail, établi avec un important développeur de self-stockage, illustre la stratégie de l'entreprise visant à transformer des terrains non générateurs de revenus en actifs productifs.
Le PDG Lance Parker a souligné la forte activité commerciale au Maui Business Park et a noté qu'en parallèle de leur projet de développement sur mesure en cours, cette approche efficace en capital permet à A&B d'investir potentiellement dans le développement de l'actif tout en élargissant leur portefeuille immobilier commercial à Hawaï.
Alexander & Baldwin (NYSE: ALEX) hat einen 75-jährigen Grundstückspachtvertrag über 4,7 Acres für sein Projekt Maui Business Park Phase II in Kahului, Maui, gesichert. Der Pachtvertrag, der mit einem führenden Entwickler von Self-Storage-Anlagen abgeschlossen wurde, spiegelt die Strategie des Unternehmens wider, nicht ertragsbringendes Land in produktive Vermögenswerte umzuwandeln.
CEO Lance Parker hob die starke kommerzielle Aktivität im Maui Business Park hervor und betonte, dass diese kapital-effiziente Vorgehensweise neben ihrem laufenden Build-to-Suit-Entwicklungsprojekt A&B ermöglicht, potenziell in die Entwicklung des Vermögenswerts zu investieren und gleichzeitig ihr Portfolio an Gewerbeimmobilien auf Hawaii zu erweitern.
- Secured long-term 75-year ground lease agreement, providing stable income stream
- Strategic conversion of non-income generating land into revenue-producing asset
- Additional investment opportunity in asset development
- Reports strong commercial activity and interest at Maui Business Park
- None.
"I am pleased with the robust commercial activity and strong interest we continue to see at Maui Business Park," said Lance Parker, president and chief executive officer. "This long-term ground lease represents a capital-efficient approach to expanding our portfolio and transforming non-income generating land into a productive asset. With this new relationship, we have an opportunity to invest in the development of the asset as well. Alongside our ongoing build-to-suit development project, this agreement demonstrates our commitment to strategically enhancing our commercial real estate portfolio and delivering value to our investors, tenants, and the local community."
ABOUT MAUI BUSINESS PARK PHASE II
Maui Business Park Phase II is a 125-acre, mixed-use development near the Kahului Harbor and Kahului Airport, with immediate and easy access to all parts of Maui Island. The park has successfully attracted national, regional, and local businesses, establishing itself as Maui's prime neighborhood retail and industrial submarket. Leasing and sales are underway for lots ranging from one-half to five acres located within an Opportunity Zone, affording potential tax deferral benefits to qualified land purchasers. For more information on parcels available for sale or leasing opportunities at Maui Business Park Phase II, visit https://www.mauibusinessparkphase2.com or contact Bill Froelich at william.froelich@colliers.com.
ABOUT ALEXANDER & BALDWIN
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 4.0 million square feet of commercial space in Hawai'i, including 21 retail centers, 14 industrial assets and four office properties, as well as 146 acres of ground lease assets. Over its 155-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.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding possible or assumed future results of operations, business strategies, growth opportunities and competitive positions. Such forward-looking statements speak only as of the date the statements were made and are not guarantees of future performance. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from those expressed in or implied by the forward-looking statements. These factors include, but are not limited to, prevailing market conditions and other factors related to the Company's REIT status and the Company's business, the evaluation of alternatives by the Company related to its non-core assets and business, and the risk factors discussed in the Company's most recent Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission. The information in this release should be evaluated in light of these important risk factors. We do not undertake any obligation to update the Company's forward-looking statements.
Learn more about A&B at www.alexanderbaldwin.com.
Media Contact:
Andrea Galvin
agalvin@abhi.com
Investor Contact:
Jordan Hino
jhino@abhi.com
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SOURCE Alexander & Baldwin, Inc.
FAQ
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