Alexander & Baldwin, Inc., the publicly traded Hawaiʻi commercial real estate company, has sold its ownership of Grace Pacific LLC, the state's leading road construction company.
Nan, Inc., one of the stateʻs largest construction companies, purchased Grace Pacific and AB Maui Quarries, owner of quarry land on Maui, for $57.5 million.
Grace Pacific also had a 50% interest in Maui Paving LLC. That ownership stake was sold to GBI Holdings for $2.5 million earlier this month.
A&B bought Grace Pacific in 2013. Company President and CEO Lance Parker said in a statement that the sale marks the culmination of the company’s simplification strategy.
In its 153-year history, the Hawaiʻi Big Five company has dabbled in agriculture, shipping, tourism and more.
It now focuses on Hawaiʻi commercial real estate and manages nearly 3.9 million square feet of commercial space in the islands, including 22 retail centers, 13 industrial assets and four office properties, as well as 142 acres of ground leases.
