Mililani Community Shopping Center in Oahu, Hawaii
NEWPORT BEACH, CA, January 28, 2010
/24-7PressRelease/ -- Stoneridge Capital Partners, a Newport Beach, Calif.-based real estate investment company, has acquired the Mililani Community Shopping Center in Oahu, Hawaii for $50 million from A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc. (NYSE: ALEX). The all-cash transaction represents Stoneridge's entry into the Hawaii market and continues the firm's aggressive expansion strategy focused on opportunistic real estate investments. Stoneridge has now completed more than $140 million in acquisitions since April 2009.
"Due to supply constraints within the local market, this shopping center benefits from both high occupancy levels and historically high rental rate growth, making it an ideal fit for our real estate investment strategy," said Greg Merage, CEO of Stoneridge Capital Partners. "We will continue to leverage our strong cash position to seek out these types of investment opportunities and further expand our portfolio of commercial and multifamily assets."
The acquisition is Stoneridge's second all-cash transaction with A&B Properties within the past two months. In December 2009, Stoneridge acquired The Village at Indian Wells, a 104,600-square-foot neighborhood
retail center located in Indian Wells, Calif. for $20 million.
The Mililani Community Shopping Center is one of two principal retail centers in the master-planned community of Mililani, situated in central Oahu, north of Pearl Harbor. The center is anchored by locally owned Foodland Super Market, the largest grocery chain in Hawaii, and Ross Dress for Less. Additional tenants of note include 24-Hour Fitness, First Hawaiian Bank, Jack in the Box and a variety of retailers, restaurants, professional and service providers.
Mark Bratton of Colliers Monroe Friedlander along with Tom Lagos and Fred Cordova of Colliers International represented A&B Properties, Inc. in the transaction. Stoneridge did not use broker representation.
Stoneridge is engaged in an active expansion of its real estate portfolio through direct acquisitions in retail, office, hotel, multifamily, and residential land in major markets located throughout California, Phoenix, Las Vegas, Hawaii and Denver.
In addition to the
retail acquisitions, Stoneridge acquired Avila at Rancho Santa Margarita, a 498-unit luxury apartment community in Rancho Santa Margarita, Calif. for $70 million in April 2009.
About Stoneridge Capital Partners
Stoneridge Capital Partners is a Newport Beach, Calif.-based
private real estate investment company. The company invests globally through real estate private equity funds, joint ventures and direct investments through a long-term investment philosophy focused on acquiring assets with optimum value. Funded internally, Stoneridge has the agility and flexibility to close quickly on transactions on an all-cash basis. Additional information on Stoneridge is available at
www.stoneridgecp.com.
About Idea Hall
Idea Hall is a full-service,
integrated marketing agency with offices in downtown Los Angeles and in Orange County (Costa Mesa), California. Learn more at
www.ideahall.com.
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