Alexander & Baldwin, Inc. announced on April 16, 2025, the execution of a 75-year ground lease for 4.7 acres at its Maui Business Park Phase II project in Kahului, Maui. The agreement is with a prominent self-storage developer, marking a strategic entry into this asset class.
This long-term ground lease represents a capital-efficient approach to portfolio expansion, transforming non-income generating land into a productive asset. The company also retains an opportunity to invest in the development of the self-storage facility.
The initiative at Maui Business Park Phase II, a 125-acre mixed-use development, demonstrates Alexander & Baldwin's commitment to strategically enhancing its commercial real estate portfolio. This move is expected to deliver value to investors, tenants, and the local community by converting non-income producing land into recurring FFO.
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