HONOLULU – Alexander & Baldwin today completed the $90 million off-market acquisition of the Queens’ MarketPlace, an iconic grocery-anchored resort retail center in the Waikoloa Beach Resort on the island of Hawaii.
Developed by the Waikoloa Land Company in 2007, the 135,000 square-foot center is anchored by Island Gourmet Market, a 24,000 square-foot full-line grocery store, and features retail, restaurant and office space along with amenities such as a three-screen luxury cinema, food court and event pavilion. Other tenants include Romano’s Macaroni Grill, Sansei Seafood, Steak & Sushi Bar and a broad range of specialty retailers. Located 18 miles north of Kona International Airport, the center serves both local residents and visitors of the Kohala Coast.
“Queens’ MarketPlace has become a fixture on the Kohala Coast for local families and visitors to shop, eat, and enjoy world-renowned entertainment,” said Scott Head, vice president of resort operations at Waikoloa Land Company, in a press release. “For the last 40 years, Waikoloa Land Company has strived to create a gathering place that is worthy of Waikoloa’s rich history. We remain deeply committed to fulfilling this mission and look forward to seeing Queens’ MarketPlace continue to thrive in the future with Alexander & Baldwin.”
“As a local company with a long history in Hawaii, we understand how important a place like Queens’ MarketPlace is to the community it serves. This is truly a special gathering place for residents and visitors alike. We appreciate that the Waikoloa Land Company has entrusted us with this center and look forward to continuing its legacy of success,” said Lance Parker, A&B chief real estate officer.