Nan, Inc. Acquires one of Hawai'i's Largest
Paving Contractors; Expands Footprint in Hawai'i
HONOLULU, Nov. 15,
2023 /PRNewswire/ -- Alexander & Baldwin,
Inc. (NYSE: ALEX) ("A&B" or "Company"), a Hawai'i-based
company focused on owning, operating, and developing high-quality
commercial real estate in Hawai'i, announced today, it has sold
Grace Pacific LLC to Nan, Inc., Hawai'i's largest, locally owned
construction company.
A&B acquired Grace Pacific,
one of the state's largest asphalt paving contractors, materials,
and construction companies, in 2013. Grace
Pacific has been an integral force in Hawai'i's
infrastructure growth for over nine decades, providing a reliable
local source of construction materials and playing a pivotal role
in the development and maintenance of critical infrastructure such
as roads, highways, runways, and harbors that connect our island
communities.
"The sale of Grace Pacific marks
the culmination of A&B's simplification strategy, allowing us
to sharpen our focus on our core business as the preeminent
commercial real estate company in Hawai'i," said Lance Parker, A&B president & CEO. "This
transaction not only marks a significant milestone in the evolution
of the Company but also facilitates a path for success and growth
of Grace Pacific under the
stewardship of Nan, Inc."
Nan, Inc., specializes in large-scale preconstruction, general
contracting, and design-build services statewide. Nan, Inc.'s
acquisition of Grace Pacific ensures
continued local ownership and marks a significant expansion of its
presence in the Hawai'i construction industry, further
strengthening its growth and fostering economic development in the
state.
"We are thrilled to welcome Grace
Pacific to the Nan, Inc. family," said Nan Chul Shin, founder and owner of Nan, Inc.
"This acquisition allows us to enhance our service offerings and
better serve our clients and partners throughout Hawai'i. We are
excited about the potential for innovation and growth this
partnership will bring."
The addition of Grace Pacific,
with its talented team of professionals and state-of-the-art
facilities, will significantly contribute to the continued success
of Nan, Inc. This acquisition demonstrates Nan, Inc.'s commitment
to investing in Hawai'i's infrastructure and supporting local job
opportunities.
"Grace Pacific will continue to
operate under its well-established brand, and its existing
management and staff will remain in place to ensure a seamless
transition," added Shin. "Clients and partners can continue to
expect to receive the same high-quality service and dedication
they've come to rely on over the years, now backed by Nan, Inc.'s
extensive resources and expertise."
ABOUT ALEXANDER & BALDWIN
Alexander & Baldwin,
Inc. (NYSE: ALEX) (A&B) is the only publicly-traded real estate
investment trust to focus exclusively on Hawai'i commercial real
estate and is the state's largest owner of grocery-anchored,
neighborhood shopping centers. A&B owns, operates, and manages
approximately 3.9 million square feet of commercial space in
Hawai'i, including 22 retail centers, 13 industrial assets and four
office properties, as well as 142 acres of ground leases. A&B
is expanding and strengthening its Hawai'i CRE portfolio and
achieving its strategic focus on commercial real estate by
monetizing its remaining non-core assets. Over its 153-year
history, A&B has evolved with the state's economy and played a
leadership role in the development of the agricultural,
transportation, tourism, construction, residential and commercial
real estate industries.
Learn more about A&B at www.alexanderbaldwin.com.
ABOUT NAN, INC
Nan, Inc. is Hawai'i's largest, locally
owned construction company with a rich history of providing
exceptional services to clients throughout the state. With a
commitment to excellence, innovation, and community support, Nan,
Inc. has earned a reputation as one of Hawai'i's premier
construction firms with a presence throughout the State of Hawai'i,
Guam and Kwajalein. In
November 2023, Nan, Inc. acquired
Grace Pacific, LLC, representing a
significant step forward in Nan, Inc.'s growth and ability to serve
the local community.
Learn more about Nan, Inc at www.nanhawaii.com
Media Contact:
Andrea Galvin
Manager, Corporate Communications at Alexander & Baldwin
T: 808-525-8404; E: agalvin@abhi.com
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SOURCE Alexander & Baldwin, Inc.