Extends Industrial Footprint in Southern California Submarket
HONOLULU--(BUSINESS WIRE)--Aug. 31, 2009--
A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin,
Inc. (NYSE:ALEX)(“Company”), announced today that it has acquired
two 100% occupied distribution warehouses in the Northpoint Commerce
Center (“Northpoint”), comprising 119,400 square feet of leaseable area,
located in Fullerton, California.
“The acquisition of Northpoint is a continuing reflection of A&B’s core
strategy of tax-effectively reinvesting, through 1031 exchanges, recent
real estate sales proceeds in properties with greater prospects for
appreciation and growth,” said Norbert M. Buelsing, president of A&B
Properties. “In the past two years, A&B has acquired seven industrial
and warehouse properties, representing nearly four million square feet
of leasable space. These acquisitions, generally located in key
industrial submarkets of major metropolitan areas, are part of an
ongoing strategy to acquire quality logistics-oriented warehouse
facilities in supply-constrained markets.”
Developed in 1991, Northpoint is part of the 47-acre, 11-building
Northpoint Commerce master-planned industrial park in Fullerton, a
well-located industrial submarket of North Orange County. Northpoint is
located less than three miles from I-5 (Santa Ana) and Highway 90
(Riverside Freeway), two major traffic arterials in Los Angeles. The
well-designed buildings have been configured to serve as a regional hub
for its two tenants: an international records management company and a
major food service distributor.
With this acquisition, A&B Properties’ commercial property/investment
portfolio consists of 8.5 million square feet of retail, office and
industrial space located in Hawaii and eight U.S. Mainland states.
Additional information about A&B Properties, Inc. may be found at its
web site: www.abprop.com.
About Alexander & Baldwin: A&B
is headquartered in Honolulu, Hawaii and is engaged in ocean
transportation and logistics services through its subsidiaries, Matson
Navigation Company, Inc., Matson Integrated Logistics, Inc. and Matson
Global Distribution Services; in real estate through A&B Properties,
Inc.; and in agribusiness through Hawaiian Commercial & Sugar Company
and Kauai Coffee Company, Inc. Additional information about A&B may be
found at its web site: www.alexanderbaldwin.com.
Statements in this press release that are not historical facts are
“forward-looking statements,” within the meaning of the Private
Securities Litigation Reform Act of 1995, that involve a number of risks
and uncertainties that could cause actual results to differ materially
from those contemplated by the relevant forward-looking statement. These
forward-looking statements are not guarantees of future performance. This
release should be read in conjunction with our Annual Report on Form
10-K and our other filings with the SEC through the date of this
release, which identify important factors that could affect the
forward-looking statements in this release.
Source: A&B Properties, Inc.
A&B Properties, Inc.
Meredith J. Ching, 808-525-6669 (media)
L. Halloran, 808-525-8422 (investor relations)