Alexander & Baldwin was founded in 1870 on Maui by childhood friends Samuel T. Alexander and Henry P. Baldwin as a sugar-growing partnership. Over 156 years, the company evolved from agriculture and sugar production to become a diversified enterprise with interests in ocean transportation, land development, and ultimately commercial real estate. The company operated Hawaiian Commercial & Sugar Company, the state's last remaining sugar plantation, which closed in 2016. Following decades of transformation, Alexander & Baldwin transitioned to focus exclusively on Hawaii commercial real estate and converted to a REIT. The company owned and operated approximately 4.0 million square feet of commercial space across Hawaii, including 21 retail centers, 14 industrial assets, four office properties, and 146 acres of ground lease holdings. Alexander & Baldwin positioned itself as Hawaii's largest owner of grocery-anchored neighborhood shopping centers. In March 2026, the company was taken private in a $2.3 billion transaction by a joint venture formed by MW Group, Blackstone Real Estate, and DivcoWest, ending its run as a publicly traded REIT. The portfolio is concentrated on Oahu, which accounts for approximately 70% of total assets, followed by Maui, Hawaii Island (the Big Island), and Kauai. Prior to the transaction, Alexander & Baldwin reported approximately 4 million square feet under management with retail tenants including grocery and drugstore anchors serving daily-needs consumer demand across the Hawaiian Islands.