Alexander & Baldwin Inc. has sold about half of the Kahala properties it acquired from Japanese businessman Genshiro Kawamoto in 2013, the Honolulu-based real estate firm said in its 2014 annual report released Monday.
A&B had purchased the 30 "Estates of Kahala" properties for about $128 million.The sales as of Dec. 31, 2014, had generated a total of $82.5 million, the company reported.
The properties were in various stages of disrepair, and A&B began immediately to prepare them for sale.
In 2014 alone, A&B generated $38.4 million in sales from the properties, with 14 remaining on the market, including six large oceanfront parcels.
A Hawaii real estate expert previously told PBN that the properties could fetch at least $200 million.
Courtesy of Pacific Business News