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August 18, 2006

A&B sells last two Mill Town properties

A&B Properties Inc. completed sales this week of the last two properties at its Mill Town Center Business and Industrial Park in Waipahu, setting the stage for the project to close next month.

The sale of the final two parcels totaling nearly one acre of Phase One B closed on Tuesday, said JoAnn Yee, project marketing coordinator for A&B Properties.

 "Officially we're done," Yee said, adding that the next steps call for A&B to phase out of the board of directors, the design review committee and the owners' association. "By the end of September, we'll be totally out."

Avalon Development Co. represented the buyer, Fig LLC, in the purchase of the two lots for $891,952. Each is a little more than 16,000 square feet.

The landowner is under contract to sell the lots to an unidentified nonprofit organization for an undisclosed amount, said Collin Miyamoto, vice president of acquisitions and analysis for Avalon Development. The closing is not expected to take place for nine months because the organization must first raise the money, he said.

Avalon also represented the partnership in the purchase of 15.3 acres near the Filipino Community Center and the YMCA next to the smokestack along Waipahu Street, site of the former Oahu Sugar Co. mill, for $13.58 million last year.

Plans for 1.76 acres of that land, which already is zoned for commercial use, call for a 30,000-square-foot, two-story commercial and retail center at the corner of Mokuola Street and a yet-to-be-built street that will divide the entire 15-acre parcel from Mill Town Center's Phase One B, Miyamoto said.

The center will have 20,000 square feet of rentable space on the first floor, with 10,000 square feet on the second floor, for a total of 20-25 tenants. They could include retail, restaurants, doctors, dentists, accountants and other professionals, Miyamoto said.

The rest of the land is zoned industrial, and plans call for it to be subdivided for fee-simple lots of at least one acre for individual users, he said.

A&B Properties began the 37-acre Mill Town industrial subdivision project in 1999 and completed infrastructure for Phase One B in December 2002. Five lots were sold the following year, with 19 more lots sold in 2004, three in 2005 and the last four this year.

The center's businesses include FujiFilm, Island Heritage, Golden Coin Restaurant, Wholesale Unlimited and Granny's Muffins.

Pacific Business New (Honolulu) - August 18, 2006

2005 American City Business Journals Inc.




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