![]() ![]() ![]() "The addition of Grace to the company will extend our capabilities to encompass infrastructure development and replacement work, for which we see a steady and growing need in Hawaii," said Stanley M. Hawaiian Dredging is the general contractor for the Waihonua project, and A&B has not yet named a general contractor for The Collection. It is not a contractor for high-rise projects. Kapolei-based Grace is one of Hawaii’s largest locally owned construction companies and is its largest asphalt paving contractor. It is also building the 340-unit Waihonua condominium tower in Kakaako and is planning to build a 470-unit tower at 600 Ala Moana Boulevard called The Collection. In January A&B bought Waianae Mall for $30 million. Earlier in May it bought Napili Plaza, a retail center on Maui, for $19 million. ![]() At that time A&B launched a strategy to boost its real estate development, especially on Oahu, and to buy more commercial property in Hawaii financed by selling commercial property on the mainland.Ī&B announced last week it was buying Pearl Highlands Center for $141.5 million. The purchase is a continuation of the buying spree A&B has been on since spinning off its Matson shipping subsidiary last year. Grace will become a subsidiary of A&B and continue to conduct business under the Grace Pacific name. Hulihee, Grace CEO, who will continue in that position after the purchase. "An … important consideration for the Grace shareholders and our employees is that Grace is being acquired by a 142-year-old Hawaii-based and managed company that has the highest reputation for integrity and commitment to our community," said David C. Shareholders at the privately held Grace have said they will approve the sale, and both companies said there will be no layoffs among Grace’s 550 employees. The purchase, which includes $42 million in assumed debt and $235 million in cash and stock, is expected to close in the fourth quarter of this year and must be approved by A&B shareholders and federal regulators. for $277 million, putting together two kamaaina powerhouses in the real estate and construction fields. said Thursday it will buy Grace Pacific Corp. ![]()
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