Active Property Management, Lease Extension Result in Advantageous
Sale of Palm Desert Property
HONOLULU--(BUSINESS WIRE)--Dec. 11, 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 Village at Indian Wells (“the Village”), a 104,600
square-foot retail and shopping center in the City of Indian Wells,
“A&B continues to make advantageous dispositions within its commercial
property portfolio, as demonstrated by the sale of the Village at Indian
Wells,” said Norbert M. Buelsing, president of A&B Properties.
“Favorable pricing was achieved for the resort community shopping
center, a reflection of a recent lease extension with an anchor tenant
and active property management throughout our 11-year ownership of the
Buelsing continued, “Despite the suppressed commercial real estate
market that has prevailed for most of 2009, year-to-date A&B has
realized sales of over $100 million for its commercial properties,
furthering the Company’s core strategy of redeploying sales proceeds on
a tax-advantaged basis into other commercial real estate assets with
higher potential returns.”
The Village at Indian Wells is located in the destination resort desert
community of Indian Wells in Southern California, bordering the City of
Palm Desert. The neighborhood shopping center is anchored by Ralph’s
“Fresh Fare” and CVS Drugstore, and includes a tenant mix of apparel
retailers, restaurants and professional and service providers.
With the sale of the Village, A&B Properties’ commercial
property/investment portfolio consists of 8.3 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.
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