By Dean Seal
Alexander & Baldwin has sold its Grace Pacific business to Nan Inc., the largest locally owned construction company in Hawaii.
The Honolulu-based commercial real estate company disclosed the sale on Wednesday but didn’t provide financial terms.
Chief Executive Lance Parker said the transaction is part of Alexander & Baldwin’s simplification strategy.
“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,” he said.
Alexander & Baldwin acquired Grace Pacific in 2013.
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