BOULDER - A real estate investment company based in Honolulu has acquired the Meadows on the Parkway Shopping Center in Boulder for $30.8 million.

A&B Properties Inc., the real estate subsidiary of Alexander & Baldwin Inc., (NYSE: ALEX) bought the 216,400-square-foot retail center from Foothills Center Limited Partnership based in Piedmont, Calif.

The eight-building center is located at the intersection of Baseline Road and Foothills Parkway one mile from the University of Colorado campus. It was constructed in 1989 and features seven retail-designated buildings with 179,800 square feet of space and one office building with 36,600 square feet of office space. The center is approximately 83 percent occupied. Key national tenants include Safeway, Michael's and Rite Aid.

"The addition to our portfolio of Meadows reflects A&B's strategic objective of acquiring properties in prime markets with excellent potential for appreciation and growth," said Norbert M. Buesling, president of A&B Properties.

A&B Properties' commercial property/investment portfolio consists of 8.3 million square feet of retail, office and industrial space located in Hawaii and eight U.S. mainland states.