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
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