Centrally Located Industrial Facilities Offer Tenants Overnight Service to 98 Percent of California's Population
HONOLULU--(BUSINESS WIRE)--Dec. 11, 2008--A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin,
Inc. (NYSE:AXB)("Company"), announced today that it has acquired
the Midstate 99 Warehouse Portfolio ("Midstate") in Visalia, California.
The 790,370 square-foot, four-building warehouse and distribution
facilities are 94 percent leased, with a mix of retail and wholesale
tenants, and are located within a 480-acre master-planned logistics
park, Midstate 99 Distribution Center. The acquisition will be funded
through the use of 1031 tax-deferred proceeds from some of the Company's
prior commercial property sales and the assumption of existing debt.
"Midstate extends our real estate investment strategy of acquiring
logistics-oriented assets in emerging industrial markets," said Norbert
M. Buelsing, president of A&B Properties. "And with adjacency to the
main north/south truck corridor in central California, tenants can
easily reach their customers, over 98 percent of California's
population, with overnight ground service, and over 65 million people in
an expedited, two-day truck run. Midstate also represents a continuation
of our strategy to tax-effectively reinvest real estate sales proceeds
into our commercial property portfolio."
The buildings were recently constructed from 2001 to 2008 by The Allen
Group, a San Diego-based industrial development firm specializing in the
development of logistics parks situated near strategic intermodal, rail
and highway infrastructure. The buildings consist of high-quality
concrete tilt-up structures, providing ESFR fire protection systems,
30-foot clear heights and deep truck courts. Major tenants at the
property include International Paper, Coast Distribution and Workflow
With the acquisition, A&B Properties' commercial property/investment
portfolio will comprise of 7.9 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 food products 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.
CONTACT: A&B Properties, Inc.
For media inquiries:
Meredith J. Ching, 808-525-6669
For investor relations inquiries:
Kevin L. Halloran, 808-525-8422
Source: Alexander & Baldwin, Inc.