Hawaii Business CEO of the Year 2013: Stanley Kuriyama of Alexander & Baldwin
Stanley Kuriyama did something all too rare for a CEO: He put his company’s success ahead of his personal interests.
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For A&B’s repositioning in Hawaii to work, Kuriyama says, the company will have to succeed in key areas over the next five to 10 years. Those areas include:
- Selling mainland investments to buy Hawaii assets. Currently, the company owns about 6.3 million square feet of commercial properties in the western U.S. out of a total portfolio of about 8 million square feet.
- Making superior investments in Hawaii real estate.
- Building a pipeline of development projects that can be launched when warranted by market conditions.
- Building value in the properties A&B already owns in Hawaii. The company owns about 88,000 acres of land, most of it in Hawaii, including the land containing its commercial properties.
- Looking for ways to grow and leverage complementary businesses, such as Grace Pacific.
A&B’s Nine Big Deals
in Less Than Two Years
- Separating A&B and Matson in June 2012.
- Acquiring Grace Pacific for $235 million in cash and shares, and assuming $42 million of the company’s projected net debt.
- Buying 31 properties for about $98 million from Japanese billionaire Gensiro Kawamoto.
- Purchasing 600 acres for approximately $373 million, including half of downtown Kailua, Pali Palms Plaza, Windward City Shopping Center and Kaimuki Shopping Center.
- Acquiring Waianae Mall for $29.8 million,
- Buying Pearl Highlands Center in Central Oahu for $141.5 million.
- Buying Napili Plaza in West Maui for $19 million.
- Creating a partnership with Kamehameha Schools to build a residential community at 600 Ala Moana in Kakaako called “The Collection,” which will include a 43-story tower, a four-story building, townhomes, stores and restaurants. A&B says the project is designed for the local market with prices ranging from $300,000 for one-bedroom units to the mid-$700,000s for three-bedroom units.
- Construction of the $200 million, 341-unit Waihonua condominium tower near Ala Moana Center. Prices ranged from $375,000 to $2 million, with the average price at around $725,000. All units were sold by August of 2013.
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