Bio-Logical Capital -- which describes itself as a land investment, development and conservation company -- has signed a sales agreement to purchase the 4,500-acre Hana Ranch in rural East Maui.
Guy Kaulukukui, Bio-Logical's senior vice president for Hawaii initiatives, said the company plans to preserve the ranch's cattle operations and look to expand upon other sustainable and diversified agricultural opportunities.
"This agreement signals the beginning of the process," Kaulukukui told The Maui News Wednesday. "We'll be engaging the community and sharing our broad vision so that the community can find their place in it."
No financial details were disclosed, but Hana Ranch is listed for sale for $55 million by Island Sotheby's International Realty. Owner Hana Ranch Partners originally put it on the market for $65 million in 2008.
The ranch's landholdings include more than 3,800 acres mauka of the roadway that meanders through the town, and another 667 acres on the makai side. Most of the land is rolling pasturelands.
Keiki-Pua Dancil, Bio-Logical's vice president for Hawaii, said the ranch's cattle operations attracted the company.
"There are a lot of incredible natural resources out in Hana -- it possesses water, which is key, it's fertile, and has a top-producing cattle operation," Dancil said.
"Hana has all the components."
While Bio-Logical Capital has offices in Denver and San Francisco, Kaulukukui said the company's Hawaii decisions are made exclusively by its Honolulu team.
The company last year formed the joint venture Molokai Renewables with Pattern Energy to study the feasibility of developing a 200-megawatt wind farm on Molokai.
Dancil said Molokai Renewables will be responding to Hawaiian Electric Co.'s upcoming request for bids for renewable energy projects of 200 megawatts or more.
The company stressed it will not pursue a wind project in Hana.