A&B Properties, Inc. eyeing Ward Centers

As General Growth Properties looks to sell its portfolio, A&B Properties, Inc. is eyeing to acquire the Ward Centers which once they had interest.

Alexander & Baldwin Inc. is interested in acquiring Ward Centers from distressed General Growth Properties Inc., according to sources familiar with the situation.

Honolulu-based A&B sought to acquire the collection of retail centers in Kakaako in 2002, but lost its bid to the Chicago-based retail giant, which purchased Victoria Ward Ltd.’s more than 60 acres for $250 million.

At the time, A&B was the second-highest bidder next to General Growth, the nation’s second-largest shopping center owner with more than 200 malls in 44 states. Representatives of General Growth and A&B declined comment.

http://www.starbulletin.com/business/20081216_sources_ab_eyeing_ward_centers.html

A&B Properties, Inc. is a local company which owns and manages over 89,000 acres of land and porfolio of over 7 million square feet. They are one of the biggest and oldest land owners here in Hawaii and deal with many residential and commercial developments as well as agriculture and transportation. Would be nice if they acquire and keep their long business tradition in place.