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, California.
“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 Village.”
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.
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