Construction of Two Class A Industrial Buildings Expands Industrial Inventory in Kapolei
Alexander & Baldwin, Inc. (NYSE: ALEX) (“A&B” or “Company”), a Hawai’i-based owner, operator, and developer of high-quality commercial real estate in Hawai’i, announced it will redevelop a portion of its largest industrial asset, Komohana Industrial Park (“KIP”) in Kapolei, O’ahu, with the construction of two Class A industrial buildings totaling approximately 121,000 square feet of gross leasable area (“GLA”).
The project will replace an existing 16,000-square-foot building on 5.7 acres of land with a 91,000-square-foot build-to-suit distribution center that is pre-leased to Lowe’s and a 30,000-square-foot spec build that could be divided into two 15,000-square-foot-units. Upon completion, KIP’s GLA will increase 44% to approximately 343,000 square feet. Construction of the two buildings is expected to be completed in the fourth quarter of 2026.
“We identified an opportunity to convert under-utilized yard area into new warehouse space, consistent with Alexander & Baldwin’s strategy of using our existing inventory of industrial-zoned land to meet the needs of one of the tightest industrial markets in the U.S.,” said Lance Parker, president and chief executive officer. “Once complete, Komohana Industrial Park will have nearly 350,000 square feet of GLA with additional land available for future development.”
“Our ability to pre-lease 75% of this expansion to a high-quality national retailer with a build-to-suit structure speaks to our development capability and demonstrates the strength of the Hawai’i industrial and retail markets,” added Jordan Brant, senior vice president of leasing. “Local consumer preferences have evolved with buy-online-pick-up-in-store, and as a result, retailers continue to drive demand for high-quality industrial space to carry inventory and provide faster delivery times.”
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