Demand for Quality Properties Holds Strong, Strengthening Yen
HONOLULU--(BUSINESS WIRE)--Oct. 27, 2009--
A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin,
Inc. (NYSE:ALEX) (“A&B”), announced today that it has completed
the sale of the Pacific Guardian Tower (“PGT”), a 130,600 square-foot
office building in Honolulu, Hawaii to Maruito USA, Inc., the U.S.
subsidiary of Japan-based Maruito Group, a financial services company.
“The sale of Pacific Guardian Tower is another clear signal of the
continued demand for quality, stable income properties in Hawaii.
Further, the favorable pricing we realized is a reflection of our
efforts over the past several years to transform PGT into one of urban
Honolulu’s premier office buildings,” said Norbert M. Buelsing,
president of A&B Properties. “Under our ownership, average net rent at
PGT increased 34 percent and occupancy increased from 74 percent to 95
percent presently, and a number of upgrades were made to improve the
building’s aesthetic appeal. We expect to redeploy proceeds from the
sale, on a tax-deferred basis, into other commercial real estate
investments with strong growth potential.”
“PGT is a top-quality office property in an excellent location, making
this a very sound long-term investment for Maruito USA,” said Steve
Sombrero, president and owner of NAI ChaneyBrooks and broker for Maruito
USA’s acquisition of PGT. “And, with the increasing strength of the
Japanese yen, we believe this is an opportune time to make real estate
investments in Hawaii.”
PGT is located at the corner of Kapiolani Boulevard and Keeaumoku
Street, across from a primary entrance to the Ala Moana Shopping Center
in the Kapiolani office district, a submarket of Honolulu. The 18-story
office building was built in 1989 and purchased in 2001 by A&B.
With the sale of PGT, 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 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.
About Maruito USA: Maruito USA is
the U.S. subsidiary of Japan-based, Maruito Group, which owns and
manages a vast portfolio of commercial properties primarily in Japan. It
is also a major shareholder of Acom, one of Japan’s largest consumer
loan companies, which is a subsidiary of the Mitsubishi UFJ Financial
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.
For media inquiries:
investor relations inquiries:
Kevin L. Halloran, 808-525-8422