Galbraith Land Sale Closes

HONOLULU, HI — (Marketwire) — 12/11/12 — Bishop Street Commercial announced today that the sale of 1,743 acres of the George Galbraith Estate has been completed for a purchase price of $25 million. The buyer was the Trust for Public Land who raised the funds through a variety of sources including $13 million from the State of Hawaii.

“The land was previously a pineapple plantation near Wahiawa on Oahu and is zoned for agriculture use,” said Matt Bittick, president and CEO of Bishop Street Commercial. “It will be leased back to the farmers who currently grow vegetable crops such as broccoli and asparagus.” Both Bittick and Skip Schuman of Bishop Street Commercial were the agents representing the seller.

The site also protects access to the Kukaniloko Birthstones State Historic Site, one of the most significant cultural sites on Oahu where famous Native Hawaiian chiefs were born.

Bishop Street Commercial was hired by the seller, Bank of Hawaii as trustee under the will and of the estate of George Galbraith, to list the property for sale. Bishop Street Commercial is a leading commercial real estate firm that represents investors, developers, landlords and tenants in the areas of leasing, sales, acquisition-disposition, property management and commercial investments.