A&B PROPERTIES BUYS KUNIA LAND, PLANS COMMERCIAL CENTER
Investment in Vacant Parcel Will Provide Commercial Sites for Smaller Businesses in Kunia 


HONOLULU – (December 12, 2002) – A&B Properties, Inc., the real estate development subsidiary of Alexander & Baldwin, Inc. (A&B) (NASDAQ: ALEX), has purchased a prime piece of Central Oahu real estate for the planned development of a multi-building neighborhood commercial center, announced A&B President & CEO Allen Doane. The 4.55-acre fee simple property fronts Kunia Road, the main thoroughfare to the Village Park and Royal Kunia communities in Central Oahu, and is adjacent to a commercial center anchored by Times Supermarket which, in turn, is next to a 135,000 square-foot Wal-Mart store. The parcel is zoned for Neighborhood Business (B-1) and was purchased from Premiere Property Development Corp., for an undisclosed price; the transaction closed late last month. This project will be the 15th commercial or development property acquired by A&B in Hawaii over the last four years, representing a total capital investment of nearly $200 million. The Kunia project also joins three other A&B Properties development projects currently in progress on Oahu, one on Kauai, and several on Maui. 

“A&B continues to diversify its Hawaii real estate holdings and pursue new development projects across the state,” said Doane. “This additional development project on Oahu further establishes our presence on this island, and utilizes the expertise we have gained on Maui and Kauai to help Oahu’s small businesses serve the needs of this new, growing community. We remain committed to the future of this state.”

A&B Properties Vice President Michael G. Wright added, “Our intent is to develop a neighborhood retail center that will service the surrounding community. The residential growth in the Kunia area has been very strong, but the retail development hasn’t kept pace. We want to deliver an exciting mix of smaller retailers, restaurants and service providers—a retail niche that we believe will be very popular in this growing residential community.” 

A&B Properties currently is developing numerous projects across the state. As mentioned above, there are three other projects on Oahu: a fee-simple, residential high-rise condominium tower in Waikiki; the Kai Lani residential project in the Ko Olina Resort, being developed in a joint venture partnership with Armstrong Builders; and the second increment of Mill Town Business Center, a light industrial subdivision in Central Oahu. On Kauai, A&B Properties is launching the development of its 1,000-acre Kukui’Ula resort community in the Poipu area, in a joint venture with DMB Associates of Scottsdale, AZ.; and a commercial facility, the Port Allen Marina Center, was recently completed at the Port Allen harbor. On Maui, A&B Properties has several residential and commercial projects under way in Kaanapali and Kahului including Maui Business Park and The Summit and Fairway Shops. On the Big Island, A&B Properties is a joint venture partner in Kamuela Associates, LLC, which is developing a residential project in Waimea, called Holoholo Ku.

A&B Properties has a portfolio of commercial properties in Hawaii and on the U. S. Mainland consisting of more than 4.8 million square feet of leasable retail, office, and industrial space. A&B owns 91,000 acres in Hawaii, making it Hawaii’s fifth largest private landowner.

A&B Properties, Inc. is the property development and management subsidiary of Alexander & Baldwin, Inc., a diversified corporation headquartered in Honolulu. Additional information may be found at its web site: www.abprop.com. 

A&B’s major lines of business are ocean transportation (Matson Navigation Company, Inc.); property development and management (A&B Properties, Inc.); and food products (Hawaiian Commercial & Sugar Company, Kauai Coffee Company). Additional information about A&B may be found at its web site: www.alexanderbaldwin.com.

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