Alexander & Baldwin
A Hawaii-focused commercial real estate company specializing in grocery-anchored neighborhood shopping centers and other community-serving properties.
Last updated October 14, 2026
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Overview
Alexander & Baldwin is a Hawaii-based commercial real estate company whose present-day business is centered on owning, operating, leasing, and managing community-serving properties across the Hawaiian Islands. The company is particularly associated with grocery-anchored retail and neighborhood shopping centers, while also holding selected industrial, office, and ground-lease assets. Its portfolio has been described as including approximately 4.0 million square feet of commercial space, 21 retail centers, 14 industrial assets, four office properties, and approximately 146 acres of ground-lease holdings. This makes A&B one of Hawaii's largest owners of neighborhood shopping centers and gives the company a strongly regional operating identity. The company's origins reach back to 1870, when Samuel Thomas Alexander and Henry Perrine Baldwin established Samuel T. Alexander & Co. on Maui. Their initial enterprise cultivated sugarcane on land between Paia and Makawao. Because the area was comparatively dry and sugarcane required substantial water, Samuel Alexander designed a long irrigation system that diverted water from the wetter windward slopes of Haleakala. Completed in 1878, the aqueduct helped make large-scale cultivation possible and became an early example of the infrastructure-intensive character of the company's agricultural development. During the late nineteenth and early twentieth centuries, Alexander & Baldwin expanded beyond its original plantation. It acquired land, sugar mills, railroads, shipping interests, and related agricultural businesses. In 1898 it obtained a controlling interest in Hawaiian Commercial & Sugar Company, and in 1900 the enterprise was incorporated as Alexander & Baldwin, Ltd. The company subsequently became one of Hawaii's historically influential 'Big Five' businesses, a group whose commercial power extended across agriculture, transportation, finance, landholding, and other sectors during the territory's pre-statehood period. A&B's twentieth-century operations included sugar and pineapple cultivation, plantation infrastructure, rail transportation, ocean shipping, land development, and real estate. Its relationship with Matson Navigation Company was especially important: A&B acquired a stake in Matson in 1908, ultimately made the shipping company wholly owned in 1969, and retained it until Matson was spun off as an independent public company in 2012. After World War II, A&B increasingly used its land base for housing and real estate development. The Kahului Development Company, created to develop housing in the Kahului area, later became associated with A&B Properties and helped establish the foundation for the company's modern property business. The company also experimented with diversified agriculture, including coffee and macadamia nuts, while continuing to develop residential and commercial projects. Sugar remained an important part of the enterprise for decades, particularly through Hawaiian Commercial & Sugar Company on Maui. In January 2016, however, A&B announced that it would end sugar farming on Maui. The final Hawaiian sugar mill closed in December 2016, ending the company's long-running sugar-production era. In 2018, the former HC&S lands were sold to Mahi Pono, which intended to pursue diversified agriculture on the property. This disposal completed a major strategic transition. Rather than functioning primarily as an agricultural and transportation conglomerate, Alexander & Baldwin became a focused Hawaii commercial property operator. Its current identity is built around neighborhood retail, grocery-anchored centers, selected office and industrial holdings, and ground leases that serve local communities and businesses. The company's concentration in Hawaii differentiates it from nationally diversified real estate companies: its competitive position depends on local market knowledge, established land relationships, and the operating history attached to its island portfolio. The ownership structure changed again in the mid-2020s. In December 2025, A&B announced an agreement to be acquired by a partnership led by MW Group and investment funds affiliated with Blackstone Real Estate and DivcoWest. The transaction, valued at approximately $2.3 billion according to the supplied reference material, was completed in March 2026. Following the acquisition, Alexander & Baldwin became privately held through the investment partnership. Its long historical association with Hawaii remains central to the brand, but its operating profile is now that of a specialized regional commercial real estate platform rather than the sugar, shipping, and diversified industrial enterprise of earlier generations.
History
Alexander & Baldwin began in 1870 when Samuel Thomas Alexander and Henry Perrine Baldwin formed Samuel T. Alexander & Co. on Maui. The partners acquired 561 acres between Paia and Makawao and planted sugarcane. The area was relatively dry, so Alexander developed a 17-mile irrigation aqueduct to bring water from the wetter slopes of Haleakala. Construction began in 1876 and was completed in 1878, enabling the plantation to expand. From the 1870s through the turn of the century, the enterprise acquired additional land and sugar operations. In 1898, Alexander and Baldwin purchased a controlling interest in Hawaiian Commercial & Sugar Company from Claus Spreckels. They also acquired Maui's principal railroad and shipping interests, including the Kahului Railroad Company and the Maui Railroad & Steamship Company. In 1900 the company was incorporated under the name Alexander & Baldwin, Ltd. After incorporation, A&B became one of Hawaii's historically dominant Big Five companies. Its interests extended across sugar, pineapple, shipping, rail transportation, landholding, and industrial infrastructure. In 1905, A&B joined other major Hawaiian companies in taking control of California and Hawaiian Sugar Company, giving it access to a sugar-refining operation. It later operated or acquired sugar assets on Maui, Oahu, and Kauai, as well as pineapple operations on Maui and Kauai. In the 1930s it consolidated its Maui sugar operations into an enlarged Hawaiian Commercial & Sugar Company while retaining other agricultural interests. A&B's involvement in shipping developed through its investment in Matson Navigation Company. The company purchased an interest in Matson in 1908, bought the stakes held by three other Big Five companies in 1964, and acquired the remaining shares in 1969. Matson consequently became a wholly owned A&B subsidiary. The shipping business remained an important part of the corporate group until Matson was separated into an independent public company in 2012. After World War II, A&B began using its landholdings for residential and commercial development. It established Kahului Development Company to develop housing in the Kahului area; that business later became associated with A&B Properties. Over subsequent decades, real estate and land development expanded while the company also entered diversified agriculture, including coffee and macadamia nut cultivation in the 1980s. The decline of Hawaii's sugar industry eventually forced a fundamental strategic change. On January 6, 2016, A&B announced that it would leave Maui sugar farming, discontinue the Maui Sugar brand, and end production at its last remaining plantation. The final sugar mill closed in December 2016. A&B initially considered converting the former HC&S operation to diversified agriculture, but in December 2018 it announced the sale of the former HC&S lands to Mahi Pono, which continued agricultural development there. Following the end of sugar production and the earlier Matson separation, A&B's business became increasingly concentrated in commercial real estate. The company developed a portfolio of grocery-anchored retail centers, neighborhood shopping centers, industrial assets, office properties, and ground leases. Its property operations remained concentrated in Hawaii, where the company became the state's largest owner of neighborhood shopping centers according to the supplied reference material. In December 2025, A&B announced an agreement to be acquired by a partnership led by MW Group and investment funds affiliated with Blackstone Real Estate and DivcoWest. The transaction was completed in March 2026, after which A&B was privately held. The company therefore entered its current period as a Hawaii-focused commercial real estate platform with roots in nineteenth-century sugar agriculture and a corporate history spanning land development, transportation, tourism-related growth, construction, and real estate.
- 2026
Acquisition completed
[1]The acquisition closed in March 2026, transitioning Alexander & Baldwin to private ownership.
- 2025
Acquisition agreement announced
[1]A partnership led by MW Group and affiliated investment funds of Blackstone Real Estate and DivcoWest agreed to acquire A&B.
- 2018
Former HC&S lands sold to Mahi Pono
[1]The former sugar lands on Maui were sold to Mahi Pono for continued diversified agricultural development.
- 2016
Sugar production on Maui ended
[1]A&B discontinued Maui sugar farming and closed its last sugar mill, ending a central business chapter in the company's history.
- 2012
Matson spun off as an independent company
[1]Matson Navigation Company was separated from A&B and became the independent Matson, Inc.
- 1969
Matson becomes wholly owned by A&B
[1]Alexander & Baldwin acquired all remaining outstanding Matson shares.
- 1962
Hawaiian Commercial & Sugar Company becomes wholly owned
[1]A&B purchased all remaining interests in HC&S, making the sugar company a wholly owned subsidiary.
- 1908
Investment in Matson Navigation Company
[1]A&B acquired an interest in Matson Navigation Company, beginning a relationship that ultimately led to full ownership.
- 1900
Alexander & Baldwin, Ltd. incorporated
[1]The enterprise was incorporated under the Alexander & Baldwin name.
- 1898
Controlling interest acquired in Hawaiian Commercial & Sugar Company
[1]A&B acquired control of HC&S, strengthening its position in Maui sugar production.
Products and positioning
A locally rooted Hawaii commercial real estate operator focused on grocery-anchored retail, neighborhood shopping centers, and other essential community-serving assets.
Commercial real estate
Grocery-anchored retail centers
Grocery-anchored centers are a central component of A&B's modern portfolio. These properties combine supermarkets or other essential retailers with complementary stores and services, creating recurring local traffic and serving everyday needs. The format aligns with A&B's Hawaii-focused strategy and its emphasis on community-serving commercial locations.
Commercial real estate
Neighborhood shopping centers
A&B owns and manages neighborhood shopping centers serving residents across Hawaii. These assets typically provide convenient retail, dining, personal services, and other locally oriented uses rather than functioning as large destination malls. They represent the company's strongest current connection with consumers and small businesses in the islands.
Commercial real estate
Industrial properties
Industrial properties form a smaller but significant part of the company's commercial portfolio. They provide space for logistics, warehousing, distribution, light industrial activity, and other business uses. The assets extend A&B's exposure beyond retail while remaining tied to Hawaii's constrained land and commercial infrastructure markets.
Commercial real estate
Office properties
A&B also owns selected office properties in Hawaii. These assets provide leased workspace for professional, administrative, and service businesses and complement its retail and industrial holdings. Office real estate is not the company's primary positioning, but it contributes to the broader commercial property platform.
Land and commercial real estate
Ground leases
Ground leases allow A&B to retain ownership of land while granting tenants long-term rights to use and develop the site. The company has held approximately 146 acres of ground-lease interests according to the supplied reference material. This model reflects its historical landholding base and provides an additional recurring commercial real estate income stream.
Historical agriculture · 1870
Sugar and plantation agriculture
Sugarcane cultivation and plantation operations were foundational historical businesses for Alexander & Baldwin. Through Hawaiian Commercial & Sugar Company and other operations, the company managed extensive agricultural lands, irrigation, mills, and related infrastructure. Sugar production ended in 2016, so this is now a historical rather than active offering.
Historical transportation · 1908
Matson shipping
Matson Navigation Company was a major historical component of the A&B group. A&B first invested in Matson in 1908 and eventually owned it outright from 1969 until the 2012 spinoff. Matson is now an independent company and is no longer an Alexander & Baldwin offering.
Controversies
2012
Controversy over HC&S pre-harvest field burning
Before sugar production ended, Alexander & Baldwin's Hawaiian Commercial & Sugar subsidiary faced sustained criticism from Maui residents, environmental advocates, and physicians over the practice of burning dried sugarcane leaves before harvest. Critics associated the smoke with respiratory problems, carcinogenic emissions, traffic hazards, and environmental damage, and petitioned the Hawaii Department of Health regarding the company's burning permits. The company maintained that field burning was the only economically practical method it had found for removing dried material from the crop.
2012
Criticism of Puunene Mill emissions
Residents and activists criticized the Puunene sugar mill over alleged shortcomings in emissions compliance and its coal consumption, which they said contributed to unsafe sulfur dioxide levels.
2012
Allegations of intimidation involving cane-burning opponents
Some activists reported threats or assaults involving HC&S employees and members of the International Longshore and Warehouse Union during disputes over the continuation of cane burning. The supplied reference material reports these allegations but does not establish a final legal finding against Alexander & Baldwin.
Brand decisions
2025
Agree to sale to an MW Group-led partnershipM&ABackground
A&B had become a focused Hawaii commercial real estate platform with a portfolio of retail, industrial, office, and ground-lease assets.
Action taken
The company agreed to be acquired by a partnership led by MW Group and investment funds affiliated with Blackstone Real Estate and DivcoWest.
Aftermath
The transaction was completed in March 2026, transitioning A&B from public ownership to private ownership.
Transaction value. $2.3 billion announced transaction value (Announced December 2025; completed March 2026)
2016
Exit Maui sugar productionStrategyBackground
The economics and long-term prospects of Hawaiian sugar production had deteriorated, while A&B's real estate and land businesses had become more important.
Action taken
The company discontinued the Maui Sugar brand and ended sugar farming and milling at its final Maui plantation.
Aftermath
The last mill closed in December 2016. A&B later sold the former HC&S lands to Mahi Pono in 2018 and became primarily a commercial real estate company.
2012
Spin off MatsonM&ABackground
Matson had been part of A&B's corporate group for more than a century, but the company increasingly emphasized real estate and other focused operations.
Action taken
A&B separated Matson Navigation Company, which became the independent Matson, Inc.
Aftermath
The transaction removed a major transportation business from A&B and supported its later concentration on Hawaii land and commercial real estate.
1945
Enter residential and land developmentStrategyBackground
After World War II, Hawaii's population, housing needs, and land-use patterns were changing, creating opportunities beyond plantation agriculture.
Action taken
A&B established Kahului Development Company to develop housing in the Kahului area, later linking the business to A&B Properties.
Aftermath
Real estate and land development became increasingly important parts of the corporate group and eventually formed the basis for the modern property platform.
1876
Build an irrigation aqueduct for the Maui plantationOtherBackground
The company's initial sugar land was too dry for reliable cultivation, while wetter areas lay on the windward slopes of Haleakala.
Action taken
Samuel Alexander designed and the company constructed a 17-mile aqueduct to transport water to the plantation.
Aftermath
The aqueduct was completed in 1878 and enabled the plantation to expand sugar cultivation.
Recent events
Alexander & Baldwin names Eric Yeaman as chairman successor[3]
Reported:
Alexander & Baldwin announced that Eric Yeaman had been named successor as chairman to Stan Kuriyama, who was set to retire from the board effective September 30, 2020.
Sources3 sources
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