Alexander & Baldwin is a Hawaii-focused owner and operator of local properties founded in 1870 by Samuel Thomas Alexander and Henry Perrine Baldwin. The company no longer trades as a REIT on the stock market and went private in 2026. Originally established as a sugar plantation operation on Maui, the company evolved through the agricultural, transportation, and tourism industries over its 155-year history before transitioning to focus exclusively on Hawaii commercial real estate. The company is solely dedicated to the Hawaii market and functions as the state's largest owner of grocery-anchored neighborhood shopping centers. Its portfolio comprises 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 investment strategy centers on acquiring and developing income-producing retail and industrial properties across the Hawaiian Islands, with active monetization of non-core assets and reinvestment in build-to-suit developments at locations including Komohana Industrial Park and Maui Business Park. Operations are concentrated in O'ahu, Maui, and Hawaii Island, with 95.8% of the portfolio leased. In December 2025, the company entered a definitive merger agreement with a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest for $2.3 billion, under which A&B transitioned to private ownership in the first quarter of 2026.