Alexander & Baldwin — the largest owner of grocery‑­anchored neighborhood shopping centers in Hawaii, where it has a 155‑year history — has agreed to go private in a $2.3 billion merger, the largest commercial real estate portfolio deal in state history.

The transaction, a joint venture between Hono­lulu-based MW Group and investment funds tied to Blackstone Real Estate and DivcoWest, shifts control of roughly 4 million square feet of commercial space. A&B’s portfolio includes 21 retail centers, 14 industrial assets, four office properties, and fee interests in 146 acres of ground-lease assets.

It also marks the sale of the last remaining member of Hawaii’s historic “Big Five” companies, which once controlled sugar and wielded vast political influence in the Hawaiian Islands. A&B’s roots

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