PO‘IPU — ABC Stores has purchased a sizable parcel of land from Alexander and Baldwin’s Kukui‘ula Development Company. The $3.6 million transaction recorded by the property tax office in February was handled by CB Richard Ellis, but the terms of
PO‘IPU — ABC Stores has purchased a sizable parcel of land from Alexander and Baldwin’s Kukui‘ula Development Company.
The $3.6 million transaction recorded by the property tax office in February was handled by CB Richard Ellis, but the terms of the sale have not been disclosed.
The 4.2-acre lot at 4425 Lawai Rd. sits across from Kukui‘ula Village shopping center near the roundabout in Po‘ipu. The assessed value of the property is $2.02 million.
ABC Stores President Paul Kosasa said there are no plans to develop the site at this time.
“ABC was in a proposed development in that area but due to some hurdles and delays we decided to pursue this property,” Kosasa told Pacific Business News.
Five years ago, ABC entered into a lease agreement with the Eric A. Knuden Trust’s proposed Shops at Koloa Town, a retail project that was to begin construction in 2006 but never got off the ground.
Stacey Wong, a representative of the trust, said it has since released ABC from its lease obligation.
There are currently three ABC stores on Kaua‘i: two in Kapa‘a and one in Lihu‘e.
