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Business Briefs

For Friday, December 12, 2008

By Star-Bulletin Staff and News Services

POSTED: 01:30 a.m. HST, Dec 12, 2008

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HAWAII

Cheeseburger opens at Beach Walk

Cheeseburger Beachwalk is now open in Waikiki.

It is the third cheeseburger restaurant in Waikiki for owner Cheeseburger Restaurants, which already operates two Cheeseburger in Paradise restaurants on both ends of Kalakaua Avenue, in addition to two restaurants on Maui.

The 6,000-square-foot restaurant on the second level of Outrigger's Waikiki Beach Walk replaces the former Holokai Grill, which closed in May. It is open daily from 8 a.m. to 1 a.m.

ALMAR selected to manage basin

ALMAR Management Inc. of California has been selected by the Hawaii Community Development Authority to manage Kewalo Basin.

HCDA anticipates that it will take over management of Kewalo Basin from the state Department of Transportation in the first quarter of 2009.

On the table is a three-year contract for operations and management services of Kewalo Basin, with two one-year options. ALMAR would be in charge of day-to-day operations at the harbor, as well as the permitting of slips, collection of lease rent and permit fees, inspections and maintenance work.

ALMAR, which currently manages Ko Olina Marina, was the only company to submit a proposal in response to HCDA's request for proposals.

Gov. Linda Lingle approved administrative rules for the Kewalo Basin harbor in late November, but must also approve funds to award the contract.

A&B buys California warehouses

A&B Properties Inc., the real estate subsidiary of Alexander & Baldwin Inc., said yesterday it has acquired the Midstate 99 Warehouse Portfolio in Visalia, Calif. The 790,370 square-foot, four-building warehouse and distribution facilities are 94 percent leased, with a mix of retail and wholesale tenants, and are located within a 480-acre master-planned logistics park.

The acquisition will be funded through the use of 1031 tax-deferred proceeds from some of the company's prior commercial property sales and the assumption of existing debt.

The buildings were constructed from 2001 to 2008 by the Allen Group, a San Diego-based industrial development firm. A&B Properties' commercial property/investment portfolio is now comprised of 7.9 million square feet of retail, office and industrial space in Hawaii and eight mainland states.

MLP will pay Case $27,000 a year

Maui Land & Pineapple Co. said yesterday in a regulatory filing that Steve Case will receive an annual cash retainer of $27,000 to serve as a director on the company's board. MLP said on Tuesday that Case, the co-founder of AOL and MLP's largest shareholder, had been elected to its board Monday.

That allotment will be prorated for the remainder of this fiscal year. Case will also receive 250 shares of restricted common stock granted under the company's equity and incentive compensation plan, which will vest in full at the end of the first quarter of fiscal year 2009. Case has accumulated a 42 percent stake in MLP over the past decade.

HAWAII

Cheeseburger opens at Beach Walk

Cheeseburger Beachwalk is now open in Waikiki.

It is the third cheeseburger restaurant in Waikiki for owner Cheeseburger Restaurants, which already operates two Cheeseburger in Paradise restaurants on both ends of Kalakaua Avenue, in addition to two restaurants on Maui.

The 6,000-square-foot restaurant on the second level of Outrigger's Waikiki Beach Walk replaces the former Holokai Grill, which closed in May. It is open daily from 8 a.m. to 1 a.m.

ALMAR selected to manage basin

ALMAR Management Inc. of California has been selected by the Hawaii Community Development Authority to manage Kewalo Basin.

HCDA anticipates that it will take over management of Kewalo Basin from the state Department of Transportation in the first quarter of 2009.

On the table is a three-year contract for operations and management services of Kewalo Basin, with two one-year options. ALMAR would be in charge of day-to-day operations at the harbor, as well as the permitting of slips, collection of lease rent and permit fees, inspections and maintenance work.

ALMAR, which currently manages Ko Olina Marina, was the only company to submit a proposal in response to HCDA's request for proposals.

Gov. Linda Lingle approved administrative rules for the Kewalo Basin harbor in late November, but must also approve funds to award the contract.

A&B buys California warehouses

A&B Properties Inc., the real estate subsidiary of Alexander & Baldwin Inc., said yesterday it has acquired the Midstate 99 Warehouse Portfolio in Visalia, Calif. The 790,370 square-foot, four-building warehouse and distribution facilities are 94 percent leased, with a mix of retail and wholesale tenants, and are located within a 480-acre master-planned logistics park.

The acquisition will be funded through the use of 1031 tax-deferred proceeds from some of the company's prior commercial property sales and the assumption of existing debt.

The buildings were constructed from 2001 to 2008 by the Allen Group, a San Diego-based industrial development firm. A&B Properties' commercial property/investment portfolio is now comprised of 7.9 million square feet of retail, office and industrial space in Hawaii and eight mainland states.

MLP will pay Case $27,000 a year

Maui Land & Pineapple Co. said yesterday in a regulatory filing that Steve Case will receive an annual cash retainer of $27,000 to serve as a director on the company's board. MLP said on Tuesday that Case, the co-founder of AOL and MLP's largest shareholder, had been elected to its board Monday.

That allotment will be prorated for the remainder of this fiscal year. Case will also receive 250 shares of restricted common stock granted under the company's equity and incentive compensation plan, which will vest in full at the end of the first quarter of fiscal year 2009. Case has accumulated a 42 percent stake in MLP over the past decade.

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