A&B Properties Acquires California Warehouse Portfolio
11 Dezembro 2008 - 7:00PM
Business Wire
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 One. 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.
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