A&B Properties Sells Phoenix Office Building and Maui Industrial Parcel
26 Março 2009 - 6:00PM
Business Wire
A&B Properties, Inc., the real estate subsidiary of
Alexander & Baldwin, Inc. (NYSE:AXB) (�Company�), announced
today that it has completed the sale of Southbank II, a 120,800
square-foot, single-story office building in Phoenix, Arizona, and
a 37,300 square-foot ground lease parcel in Kahului, Maui.
�The sale of Southbank and the Maui parcel demonstrate
continuing demand for quality, stable income properties and
well-located land in Hawaii. At Southbank, the recent execution of
long term lease agreements and the stable operating performance
during our 11-year ownership, coupled with the underlying
appreciation of real estate values, resulted in the disposition at
a favorable price,� said Norbert M. Buelsing, president of A&B
Properties.
The Maui parcel was a ground lease within an industrial park
that had been previously developed by A&B. �The parcel sale is
the culmination of a multi-year strategy which consisted of land
entitlement and investment in subdivision development, and a
program of lot and ground lease sales, steps that together create
value over time.�
Buelsing continued, �We continue to look for new opportunities
to further A&B�s core strategy of redeploying sales proceeds,
on a tax-advantaged basis, into high-quality, commercial properties
in markets that have a good growth potential.�
Southbank was built in 1997 and acquired by A&B in 1998. The
property is located in the Southbank Business Park, less than five
miles from Phoenix Sky Harbor International Airport and downtown
Phoenix, and with direct access to Interstate 10. Tenants at the
property include University of Phoenix and Encore Legal
Solutions.
The Maui parcel is located in central Kahului and was part of
the A&B Fairgrounds� development in the early 1990s.
With the sale of Southbank, A&B Properties� commercial
property/investment portfolio consists of 8.5 million square feet
of retail, office and industrial space located in Hawaii and eight
mainland states, including two office buildings in Phoenix.
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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