HONOLULU, Mar 19, 2003 (BUSINESS WIRE) -- Following last year's sale of several Mainland shopping centers from its income property portfolio, Alexander & Baldwin, Inc. (A&B) (Nasdaq:ALEX) has acquired, through a real estate subsidiary, the Boardwalk Shopping Center in Austin, Texas. The property was purchased from CIN Boardwalk, L.P. for $23.1 million, announced A&B President and Chief Executive Officer Allen Doane. "We continue to work aggressively to expand and balance our income-producing portfolio with well-located, high-quality properties, such as Boardwalk," said Doane.
Boardwalk Shopping Center is located at one of Austin's busiest intersections, in the suburban community of Round Rock, north of Austin, and in the immediate proximity to the national headquarters of Dell Computer. A Super Walmart and Home Depot are part of the larger Boardwalk development, situated on either side of the acquired shopping center.
The Center was constructed in 1996 on a 24-acre fee simple parcel and comprises 184,600 square-feet of retail space. Boardwalk Shopping Center is 100% occupied with a mix of 29 national and local businesses. Its major tenants are PetsMart, Ross Dress for Less, and Office Max. Other national tenants include Party City, The Avenue by Lane Bryant, Dollar Tree, Radio Shack, Subway, Supercuts, AT&T Wireless and MailBoxes Etc.
"The Company sold two shopping centers last year: Moulton Plaza in Laguna Hills, Calif., in December and Market Square Shopping Center in Greeley, Colo. in May," explained Norbert Buelsing, who is executive vice president of A&B Properties and responsible for the Company's income property portfolio. "In addition to Boardwalk, our portfolio includes seven other Mainland shopping centers. Our Mainland and Hawaii income portfolio overall is well-positioned with 45 percent retail, 30 percent office and 25 percent industrial, based on income."
"Boardwalk is a well-located shopping center in a quality Austin neighborhood, with strong anchor tenants and high levels of traffic from nearby major thoroughfares," Buelsing added. "There is a large concentration of retail use in the immediate proximity to the property. In addition to the big box retailers, on other corners of the Interstate 35 freeway interchange is a free-standing Target store and the 800,000 square-foot La Frontera shopping center, anchored by Lowe's and Sam's Club."
Including this latest acquisition, A&B Properties has a portfolio of 29 commercial properties in Hawaii and 19 on the U.S. mainland, comprising more than 5.2 million square feet of leasable retail, office and industrial space (3.5 million square feet on the Mainland and the balance in Hawaii). Additional information may be found at its web site: www.abprop.com.
A&B Properties, Inc. is the property development and management subsidiary of Alexander & Baldwin, Inc., a diversified corporation headquartered in Honolulu. A&B owns 91,000 acres in Hawaii, making it Hawaii's fifth largest private landowner. A&B's major lines of business are ocean transportation (Matson Navigation Company, Inc.); property development and management (A&B Properties, Inc.); and food products (Hawaiian Commercial & Sugar Company, Kauai Coffee Company). 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 that involve a number of risks and uncertainties such as those described on page 19 of the Company's Annual Report on Form 10-K, which is incorporated in the Company's 2002 annual report to shareholders. These factors could cause actual results to differ materially from those projected in the statements.
Alexander & Baldwin, Inc.
Meredith J. Ching, 808/525-6669