LIHU‘E — Alexander & Baldwin, Inc., has sold its residential development at Kukui‘ula, according to a Friday announcement.
LIHU‘E — Alexander & Baldwin, Inc., has sold its residential development at Kukui‘ula, according to a Friday announcement.
A&B and development partner DMB Development, LLC of Arizona, sold the property to the Denver-based Brue Baukol Capital Partners yesterday.
BBCP is now the master developer of the community.
A&B and DMB, who formed a partnership in 2002 to plan and develop the 1,000-acre resort community, started construction on the project in 2006. More than 280 lots have been sold and more than 125 homes have been completed, according to A&B.
The partners pursued a sale largely because of A&B’s strategic decision to focus its business model on commercial real estate. A comprehensive marketing process began earlier this year and led to the selection of BBCP as the buyer and new developer.
“A&B and DMB have partnered for nearly 20 years in pursuit of our shared vision for Kukui‘ula,” A&B CEO Chris Benjamin said. “We are proud of the vibrant community we have created and thankful to our more than 200 Kukui‘ula employees for their help in creating such a special place.”
Benjamin said that A&B continues to have an interest on Kaua‘i, including the ownership of The Shops at Kukui‘ula retail.
“The sale of Kukui‘ula is an important step forward in the simplification of A&B’s business model and positions us to expand our Hawai‘i commercial real estate portfolio,” he said.
