Lowe’s Buys Land at A&B’s Maui Business Park II

Lowe’s has closed on the acquisition of an 11-acre site at Maui Business Park II.

Lowe’s has closed on the acquisition of an 11-acre site at Maui Business Park II.

A&B Properties, the real estate subsidiary of Alexander & Baldwin, sold the land for $18.7 million, or $39 per square foot.

Maui Business Park II

Maui Business Park II

Lowe’s will be building a 167,000-square-foot store at the site. The new facility will be 16 percent larger than the company’s current store in Kahului, which it leases from a third party.

Centrally-located in Maui’s retail and industrial core, Maui Business Park II is the second phase of a commercial light industrial/retail park developed by A&B Properties near Kahului Airport. Recent buyers at the 154-acre property include the County of Maui, Servco Pacific, American Savings Bank, Pacific Pipe and Shelton Holdings (BMW). Maui Business Park I is home to Walmart, Home Depot, Costco, Sports Authority, Office Max, Kmart and Pier1 Imports.

According to Christopher Benjamin, A&B president & CEO, Lowe’s will be another strong retail anchor for Maui Business Park, joining Maui’s first Target store, which opened in March at an adjacent 24-acre site. A&B sold that piece of property in November 2013.

“As a full-spectrum real estate company strategically focused on Hawaii, A&B Properties is seeing solid results as the state’s economy continues to grow. In addition to this sale at Maui Business Park, we’ve noted positive sales activity so far this year at our resort residential developments primarily targeted at U.S. West Coast residents and primary residential developments targeted at local residents,” Benjamin said in prepared remarks.

A&B is also the developer of the Kukui’ula luxury resort community on Kauai, where sales have been going well this year.