A subsidiary of Alexander & Baldwin Inc. has transferred the ownership of one of its vacant oceanfront Kahala Avenue properties it purchased in 2013 from Japanese businessman Genshiro Kawamoto to itself, a company spokeswoman confirmed to PBN.
A&B Properties Inc. said it is exploring potential residential construction on the vacant parcel.
The Honolulu-based real estate arm of A&B acquired about 30 of Kawamoto’s Kahala properties for close to $100 million, including the little more than one-acre vacant parcel at 4607 Kahala Ave.
In May, A&B Properties, which formed 4607 Kahala LLC, transferred the property over to itself for $17.7 million, according to public records.
The property had been on the market for $18.5 million, according to a listing from Honolulu-based List Sotheby’s International Realty.
Kawamoto purchased the property for $11 million in 2006 from Alteka Co. Ltd.
The property has a total assessed value of $8.3 million, according to tax records.
In 2009, Kawamoto was issued a building permit by the City and County of Honolulu’s Department of Planning and Permitting to demolish the one-story home at the rear of the property.
No building permits have been filed since that time.
Pacific Business News
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