Alexander & Baldwin

What Alexander & Baldwin does

Alexander & Baldwin is a Hawaii-focused commercial real estate company that owns, operates, and manages a 4.0 million square foot portfolio consisting of 21 retail centers, 14 industrial assets, and 4 office properties across the Hawaiian Islands, plus 146 acres of ground lease assets. The company is the largest grocery and drug-anchored retail operator in Hawaii, serving national and local tenants including Safeway at properties such as Manoa Marketplace and Pearl Highlands Center. Its commercial real estate operations are supplemented by a Land Operations business covering development projects for sale, renewable energy initiatives including solar facilities, and diversified agriculture leasing such as the Kūlōlīo Ranch grass-fed cattle partnership with Maui Cattle Company.

The company traces its origins to an 1870 sugar-growing partnership between Samuel T. Alexander and Henry P. Baldwin on Maui, evolving through ocean transportation (Matson Navigation, separated in 2012) and diversified agriculture before converting to a REIT and refocusing entirely on Hawaii commercial real estate by 2018. A&B completed the sale of Grace Pacific in 2023 to simplify into a pure-play Hawaii CRE operator, and was taken private in March 2026 in a $2.3 billion all-cash acquisition by a joint venture of MW Group, Blackstone Real Estate, and DivcoWest. The technology stack is operational rather than platform-native: tenant services run on the third-party Commercial Café portal, property listings on PropertyCapsule, and HR on Dayforce HCM, with energy efficiency supported by Carbon Lighthouse analytics partnerships.

Revenue is generated primarily through recurring rental income from long-term commercial leases on retail, industrial, and office space, supplemented by ground lease income, redevelopment fees, and structured capital investments in third-party developers. The go-to-market model is direct enterprise leasing through in-house property managers and leasing agents at offices on Oahu, Maui, Kauai, and Hawaii Island, targeting creditworthy anchor and in-line tenants. Annual revenue is approximately $200-250 million, and the company is now privately held following the March 2026 transaction.

Name

Alexander & Baldwin

Legal name

Alexander & Baldwin Holdings, LLC

Website

https://alexanderbaldwin.com

Company type

Private

Founded year

1870

Operating status

Acquired

Headcount range

1,001–5,000 employees

Short description

Alexander & Baldwin is a Hawaii-focused commercial real estate company that owns and operates a 4.0 million square foot portfolio of grocery-anchored retail, industrial, and office properties across the Hawaiian Islands, serving national and local tenants through direct in-house leasing. The company was acquired for $2.3 billion in March 2026 and operates as a private entity under MW Group, Blackstone Real Estate, and DivcoWest.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Lessors of Real Estate (5311), Real Estate Property Managers (53131), Real Estate and Rental and Leasing (53)

SIC

Lessors Of Real Property, Nec (6519), Real Estate Investment Trusts (6798), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Retail Real Estate Asset Management (BPAJAMAF)

akta.pro secondary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Commercial real estate
• Retail property leasing
• Industrial real estate
• Commercial property management
• Real estate investment

Headquarters

HQ city

Honolulu

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Commercial Real Estate Rental Income: Primary revenue from leasing retail, industrial, and office space to tenants across Hawaii. Portfolio includes 21 retail centers, 14 industrial assets, and four office properties totaling 4.0 million square feet, plus 146 acres of ground lease assets.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Alexander & Baldwin owns, operates, and manages a Hawaii-focused commercial real estate portfolio of approximately 4.0 million square feet, comprising 21 retail centers, 14 industrial assets, 4 office properties, and 146 acres of ground-leased land. The company was founded in 1870 and historically operated as a publicly traded REIT before transitioning to private ownership under a joint venture acquisition in March 2026.

Product overview

Alexander & Baldwin operates as a unified commercial real estate platform centered on its 4.0 million square foot portfolio of retail, industrial, and office properties across Hawaii. The core offering consists of the Commercial Real Estate Portfolio (21 retail centers, 14 industrial assets, 4 office properties), supplemented by Land Operations (development projects, renewable energy, agriculture leasing), and supported by acquisition/investment services and redevelopment capabilities. Tenant-facing services include the Commercial Café Tenant Portal for property management. The company also operates a charitable Kokua Giving Program. Following its March 2026 take-private transaction by MW Group, Blackstone Real Estate, and DivcoWest, A&B continues operating as a private commercial real estate company.

Differentiator

Problem solved

Functional benefit

Products and services

• Retail Center Properties
• Industrial Properties
• Office Properties
• Ground Lease Operations

Quantifiable outcome

• Portfolio of 4.0 million square feet of commercial space across Hawaii
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature1 record

Partnerships

Two partnerships are on record, tiered minor.

• Nareit HawaiiminorStrategic or Co-development PartnerA&B participates in Nareit Hawai'i Community Giving Initiative, contributing to affordable housing donations. Nareit Foundation grant of $130,000 for affordable housing was partially funded by A&B's contributions.
• Maui Cattle CompanyminorStrategic or Co-development PartnerPartnership for Kūlōlio Ranch grass-fed cattle operation. Maui Cattle Co. provides calves and handles distribution while A&B provides pastureland. Contract calls for raising increasing numbers of cattle, targeting 3,500 head per year at steady state.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Federal Realty Investment Trust: Federal Realty Investment Trust (FRT) is a high-quality retail REIT focused on grocery-anchored mixed-use shopping centers in coastal markets. Its tenant mix philosophy, redevelopment-led value creation, and long-duration lease portfolio mirror A&B's strategy in Hawaii.
• Weingarten Realty Investors: Weingarten Realty Investors operates a diversified portfolio of grocery-anchored and necessity-based shopping centers, similar in tenant mix and leasing approach to A&B's anchored retail portfolio. Its redevelopment-driven value creation model parallels A&B's re/development services.
• Kimco Realty: Kimco Realty (KIM) is one of the largest shopping center REITs in North America with an open-air, grocery-anchored portfolio. Its scale, grocery-anchored leasing strategy, and focus on necessity-based retail directly parallel A&B's commercial real estate business model.
• EPR Properties: EPR Properties is a specialty REIT that invests in experiential real estate including retail and entertainment properties. While its niche focus differs, its triple-net lease structure and tenant credit underwriting philosophy share similarities with A&B's creditworthy tenant focus in Hawaii retail.
• Brixmor Property Group: Brixmor Property Group (BRX) owns and operates one of the largest open-air shopping center portfolios in the US, heavily focused on grocery-anchored centers. Its business model of leasing, managing, and redeveloping grocery-anchored retail closely mirrors A&B's core 21 retail center portfolio.
• Phillips Edison & Company: Phillips Edison & Company (PECO) is a neighborhood shopping center REIT anchored by necessity-based retailers including grocers. Its focus on small-format, grocery-anchored community centers aligns with A&B's Manoa Marketplace, Pearl Highlands Center, and similar neighborhood retail strategy.
• Kite Realty Group Trust: Kite Realty Group Trust (KRG) is an open-air shopping center REIT focused on grocery-anchored retail properties, closely matching A&B's primary retail strategy and tenant profile (national grocers, essential service tenants). Both operate with a similar leasing, asset management, and tenant-mix philosophy.
• Retail Opportunity Investments Corp. Retail Opportunity Investments (ROIC) is a grocery-anchored shopping center REIT focused on the West Coast, with a portfolio philosophy and tenant mix (necessity-based, grocery-anchored) that closely mirrors A&B's Hawaiian retail portfolio strategy and tenant relationships.

Broad incumbents

• Realty Income Corporation: Realty Income (O) is the largest net lease REIT globally, owning a diversified portfolio of freestanding commercial properties. While its single-tenant net lease model differs from A&B's multi-tenant anchored centers, both compete for capital in the grocery and drug-anchored retail space.

Regional players

• Maui Land & Pineapple Company: Maui Land & Pineapple Company is a Hawaii-based land holding company with similar geographic concentration in Hawaii. While much smaller and focused on development rather than operating commercial real estate, it shares A&B's Hawaii-only operating footprint and exposure to local market dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/alexanderbaldwinhi

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alexander & Baldwin