A&B Properties Closes $141.5 Mln. Acquisition Of Pearl Highlands Center

(RTTNews) - A&B Properties Inc., a part of landowner Alexander & Baldwin Inc. (ALEX), said Tuesdayt it has closed the $141.5 million purchase of Pearl Highlands Center - a 415,000 square-foot retail power center located in West Oahu.

The purchase price includes the assumption of a $59.3 million mortgage note, with the balance to be funded by the future sales of commercial properties from A&B Properties' Mainland portfolio and Hawaii land parcels. Pearl Highlands Center was purchased at a stabilized cap rate of 6.3%.

"The Pearl Highlands acquisition significantly advances the strategic migration of our commercial portfolio back to Hawaii," said Christopher Benjamin, A&B's president & chief operating officer.