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A&B: Land sale will make way for Target

November 14, 2013
Maui Weekly

The Maui News - Alexander & Baldwin closed a $40 million, 24-acre Kahului land sale last week to make way for the development of national retailer Target, A&B Chairman and Chief Executive Officer Stan Kuriyama said Thursday, Nov. 7, while announcing the company's third-quarter operating and financial results.

The land sale amounts to $1.65 million an acre, he said, noting that it follows a September sale of 209 acres in Waikapu, at $25,000 an acre, to Maui County for its Central Maui regional park complex.

In April, Property Development Centers, a subsidiary of Safeway Inc., reached a deal with A&B to purchase the property at the corner of Pu'unene Avenue and Ho'okele Street, near the Zippy's restaurant.

PDC said it would, in turn, sell 12 acres to Target, which will serve as the center's anchor retailer.

 
 

 

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