Alexander & Baldwin is a privately held commercial real estate company focused on owning, operating, and developing grocery-anchored retail centers, industrial properties, and office assets across Hawaii. Founded in 1870 by Samuel Thomas Alexander and Henry Perrine Baldwin as a sugar plantation on Maui, the company evolved through agricultural, transportation, and tourism industries before transitioning to focus on commercial real estate. The company operates as Hawaii's largest owner of grocery-anchored neighborhood shopping centers with a portfolio spanning 21 retail centers, 14 industrial assets, and four office properties, totaling approximately 4.0 million square feet of commercial space, along with 146 acres of ground lease assets. The portfolio is concentrated on Oahu, which accounts for approximately 2.8 million square feet, followed by Maui, Hawaii Island, and Kauai. In March 2026, Alexander & Baldwin completed a take-private transaction valued at $2.3 billion with a joint venture formed by MW Group, Blackstone Real Estate, and DivcoWest, ending its run as a publicly traded REIT. The company's investment strategy centers on acquiring and developing income-producing retail and industrial properties across the Hawaiian Islands, with active development projects including build-to-suit facilities at Komohana Industrial Park and Maui Business Park. The company's retail portfolio is anchored by top tenants including Safeway, Sam's Club, and Longs Drugs. As of September 2025, the portfolio maintained 95.6% leased occupancy with properties located across four of Hawaii's eight main islands, demonstrating geographic concentration of approximately 70% of assets on Oahu.