Recent Lease Extension and Central Location Result in Favorable Price
HONOLULU--(BUSINESS WIRE)--Sep. 16, 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 a 126,000 square-foot industrial warehouse on San Jose
Avenue in the City of Industry, California.
“We continue to realize favorable pricing for quality, stable
properties,” said Norbert M. Buelsing, president of A&B Properties. “A
recent lease extension agreement with the tenant occupying this
warehouse, coupled with its central location in a prominent industrial
and commercial submarket of Los Angeles, positioned us well for the
disposition. We continue apace with A&B’s core investment strategy of
tax-effectively redeploying real estate sales proceeds into new
commercial property investments with favorable growth prospects.”
The property is located in the City of Industry in the San Gabriel
Valley section of Los Angeles, California, and offers immediate access
to the Pomona (SR-60) and San Bernardino (I-10) freeways, two major
arterials in Los Angeles.
With the sale of this property, 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 (Investors)