Barnwell Industries, Inc. (NYSE American: BRN) has completed the sale of its remaining Hawaii development interests, effectively exiting the market. The transaction was finalized on September 15, 2026, pursuant to a Purchase and Sale Agreement dated July 31, 2026. The buyer is David Johnston.
The sale involved the transfer of specific partnership interests and project rights held by Barnwell Hawaiian Properties, Inc. (BHP) and Ka‘upulehu Developments (KD). The assets sold include BHP’s 34.45% limited partner interest in KKM Makai, LLLP and its 75% general partner interest in KD Kona 2013 LLLP. Additionally, the transaction included KD’s rights in KD Acquisition II, LLLP and Increment 2 of Lot 4-A at Ka‘upulehu on the Island of Hawaii.
The gross purchase price for the transaction was $1,770,000 in cash, allocated as $770,000 to the Partner Interests and $1,000,000 to the KD Project Rights and rights under the Agreement to Terminate. After accounting for a minority interest held by Cambridge Hawaii LP, the net cash proceeds to Barnwell are estimated at approximately $1.54 million. Pre-closing distributions from Ka‘upulehu Makai, LLLP further resulted in approximately $0.14 million in cash receipts. Together, these amounts resulted in total cash receipts to the Company of approximately $1.7 million.
The closing effectively completes Barnwell’s exit from all known remaining Hawaii real-estate-related interests. The Company will retain ownership of BHP and Barnwell Kona Corporation, but expects to wind up those entities thereafter. The Buyer has agreed to indemnify the Sellers against any claims by Terry Johnston, the father of the Buyer, regarding a historical commission arrangement.
