$20.5M Buys Laguna Shopping Center

LAGUNA HILLS, CA-Moulton Plaza LLC and Laguna Woods Pavilion Center LLC have acquired the 135,000-sf Moulton Plaza for $20.5 million from a subsidiary of Hawaii-based Alexander & Baldwin, a diversified real estate company.

A&B President and CEO Allen Doane says the center was sold by A&B subsidiary WDCI Inc. The center is on 18.5 acres next to Leisure World, an upscale retirement community, and near the Laguna Hills Golf Club. The center was built in 1986 and at the time of the sale it was 98% occupied, with key tenants including the California Department of Motor Vehicles, Bank of America, Polly’s Pies and Moulton Pharmacy.

Publicly held A&B had owned Moulton Plaza, which was one of the first mainland U.S. properties the Honolulu-based company acquired, since 1989. The company has bought and sold mainland assets since, including several properties in other U.S. locations this year. Among its acquisitions this year was the 67,727-sf Marina Shores shopping center in Long Beach, Calif., which it acquired in May for nearly $20 million.

A&B Properties’ portfolio of commercial properties in Hawaii and on the U.S. mainland consists of more than 4.7 million sf of retail, office, and industrial space. The company is Hawaii’s fifth largest landowner with 91,000 acres. The company is the property management and development subsidiary of Alexander & Baldwin Inc., a diversified corporation that is also involved in ocean transportation through Matson Navigation Co., food products through Hawaiian Commercial & Sugar Co. and Kauai Coffee Co.