Blackstone, DivcoWest and MW Group Acquire Alexander and Baldwin for $2.3B

The acquisition represents one of the largest take-private real estate transactions of early 2026 and the most significant commercial real estate deal in Hawaii in recent years. The portfolio is weighted toward retail (75.6% of net rentable area) and industrial (22.3%), with a small office component (2.1%). The $1.24 billion CMBS loan securitized as BX 2026-ALOHA underpins the transaction, reflecting continued appetite for large-scale CMBS financing even in a higher-rate environment. DivcoWest brings technology and life sciences leasing expertise while Blackstone provides capital markets infrastructure for the platform.