Favorable Price Reflects Strong Property Management and Appreciation in Commercial Property Values in Hawaii
HONOLULU--(BUSINESS WIRE)--Jun. 23, 2009--
A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin,
Inc. (NYSE:ALEX) (“Company”), announced today that it has
completed the sale of Hawaii Business Park (“HBP”), a 85,200
square-foot, three-building warehouse complex in Pearl City, Oahu.
“We were able to achieve a favorable pricing for Hawaii Business Park,
particularly in light of current market conditions,” said Norbert M.
Buelsing, president of A&B Properties. “During our ownership, we
increased the property’s net rent by 92% and maintained 100% average
occupancy since 2002. The property was therefore well positioned to
achieve its full market value. As important, the sale continues a core
investment strategy, as proceeds are expected to be redeployed, on a
tax-deferred basis, into commercial property investments in other supply
constrained markets with strong growth prospects.”
Hawaii Business Park is located in the Pearl City Industrial Park in
Central Oahu central to the H-1 and H-2 freeways. Built in 1983 and
acquired by A&B in 1999, the industrial complex has a diverse tenant
base. With the sale of Hawaii Business Park, A&B Properties’ commercial
property/investment portfolio consists of 8.4 million square feet of
retail, office and industrial space located in Hawaii and eight 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 food products 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: Alexander & Baldwin, Inc.
Alexander & Baldwin, Inc.
Meredith J. Ching, 808-525-6669
L. Halloran, 808-525-8422 (Investor Relations)