Alexander &Baldwin, the state’s dominant owner of grocery‑anchored neighborhood shopping centers, has agreed to go private in a $2.3 billion merger with a partnership led by Honolulu‑based MW Group and investment funds affiliated with Blackstone Real Estate and DivcoWest.

A&B, whose history in Hawaii goes back 155 years, has a portfolio with roughly 4 million square feet of commercial space across the islands, including The Queens’ Marketplace in Waikoloa and 20 other retail centers that serve as daily hubs for groceries, prescriptions and essential services, along with 14 industrial properties, four office buildings and fee interests in 146 acres of ground‑lease assets.

The investor group said A&B will retain its name, brand and Honolulu headquarters and continue to be led by a Hawaii‑b

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