Some prime properties along Honolulu's Kahala Avenue have a new owner.
A&B Properties announced Tuesday that it has acquired 31 properties from Japanese real estate investor Genshiro Kawamoto.
The cost of the properties was about $98 million.
Twenty-seven of the properties are located on Kahala Avenue, which runs along the ocean from Diamond Head to Waialae Country Club.
Officials with A&B said they plan to reposition and refurbish the properties to take advantage of the improving Honolulu real estate market.