A&B Properties Inc.

Hawaii commercial real estate sales drop

Investors spent a little more than $122 million on commercial real estate in Hawaii during the first quarter of this year, which was $12 million, or 9 percent, less than commercial sales a year ago, according to a new report.

There were just 17 transactions of $1 million or more during the first three months of 2010, according to the report released Friday by Colliers Monroe Friedlander.

The report attributed the low number of sales to investor cautiousness, tighter underwriting, tenant demand and seller hesitancy, but also noted that capitalization rates are expected to increase.

The report forecasted that commercial investment sales will begin to increase over the next few quarters as investors capitalize on a buyer’s market, and that the market recovery will happen slowly over the next two to three years.

One of the most notable transactions early in the year was Alexander & Baldwin’s $50 million sale of the Mililani Shopping Center to Stoneridge Capital partners.

The foreclosure sale of the former Hawaii Raceway Park in Kapolei to a group of investors called AC/CW Raceway Owner LLC for almost $14 million was another notable sale, but was also at a price of about $5 per square foot, which was significantly below the $35 to $40 per square foot that land was commanding at the peak of the market, the report said.

Source: PBN

A&B Properties Inc.

A&B Properties Acquires Kailua-Kona Shopping Center

Acquires Favorably Priced, Well-Located Center with 1031 Proceeds

HONOLULU, Apr 12, 2010 –A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc.(NYSE:ALEX) (“Company”), announced today that it has acquired Lanihau Marketplace (“Lanihau”), an 88,300 square-foot neighborhood shopping center in Kailua-Kona, on the Big Island of Hawaii. A&B Properties previously sold the center to its current owner in 2006. The Lanihau acquisition represents the Company’s third improved property acquisition in Hawaii, and sixth overall, in the past 12 months.

“We continue to take advantage of favorable market conditions to expand our Hawaii improved property portfolio with the acquisition of Lanihau Marketplace,” said Norbert M. Buelsing, president of A&B Properties. “We sold Lanihau at a good point in the market cycle, but we’ve always liked the center. Lanihau remains a very popular shopping destination for the Kailua-Kona community – as demonstrated by its 99 percent occupancy and strong, stable long-term tenants, including Sack N Save, Longs Drugs, Bank of Hawaii and American Savings – and we are fortunate to have this opportunity to add this property back to the portfolio.” Lanihau was acquired in a 1031 exchange transaction, using proceeds from earlier dispositions.

Located along the Big Island’s west coast in the heart of Kailua-Kona’s regional retail center, Lanihau is ideally situated at the intersection of Queen Kaahumanu Highway and Palani Road, one of the busiest intersections in Kona.

With the acquisition of Lanihau, A&B Properties’ commercial property/investment portfolio consists of 8.4 million square feet of retail, office and industrial space located in Hawaii and eight U.S. 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.

A&B Properties sells California warehouse

Honolulu-based A&B Properties, the real estate subsidiary of Alexander & Baldwin (NYSE: ALEX) announced Wednesday that it sold the 126,000-swuare-foot warehouse on San Jose Avenues in City of Industry, Calif.

Financial details were not disclosed.

“We continue to realize favorable pricing for quality, stable properties,” said Norbert M. Buelsing, president of A&B Properties, in a statement. “A recent lease extension agreement with the tenant occupying this warehouse, coupled with its central location in a prominent industrial and commercial submarket of Los Angeles, positioned us well for the disposition. We continue apace with A&B’s core investment strategy of tax-effectively redeploying real estate sales proceeds into new commercial property investments with favorable growth prospects.”

A&B Properties’ commercial property/investment portfolio now consists of 8.5 million square feet of retail, office and industrial space in Hawaii and eight U.S. Mainland states.

Source: PBN

A&B Properties Inc.

A&B Properties buys Waipio Shopping Center

Honolulu-based A& Properties, the real estate arm of Alexander & Baldwin (NYSE: ALEX) announced Tuesday that it bought the 113,800-square-foot neighborhood center in Central Oahu.

Financial details were not disclosed.

“The Waipio Shopping Center is the second property A&B has acquired in the past two weeks, in line with our core strategy of redeploying 1031 tax-exchange proceeds from earlier dispositions into quality, commercial properties with favorable growth prospects,” said Norbert M. Buelsing, president of A&B Properties, in a statement. “First developed in the mid-1980s and recently expanded, it is the primary retail and office center of the master-planned community of Waipio.”

The shopping center is anchored by Foodland Supermarket and includes Outback Steakhouse, Big City Diner, Taco Bell and Pizza Hut.

A&B Properties’ commercial property/investment portfolio now consists of 8.6 million square feet of retail, office and industrial space in Hawaii and eight U.S. Mainland states.

A&B Properties Inc.

A & B buys two California warehouses

Alexander & Baldwin Inc. has purchased two distribution warehouses in Fullerton, Calif., for an undisclosed price.

The company, through subsidiary A&B Properties Inc., said the buildings with a combined 119,400 square feet of leasable area in the Northpoint Commerce Center industrial park are fully occupied by a records management company and food service distributor.

The purchase is A&B’s seventh industrial real estate acquisition in the last two years, bringing the firm’s commercial property investment portfolio to 8.5 million square feet of retail, office and industrial space in Hawai’i and eight Mainland states.

Source: HNA

A&B Properties Inc.

Alexander & Baldwin Selling Mililani Retail Center

Alexander & Baldwin Inc. hopes to cash in on upgrades it made to Mililani Shopping Center by selling the mall seven years after acquiring the property.

A&B is asking $55 million for the mall, compared with the roughly $30 million it paid in 2002.

The 180,300-square-foot center is 99 percent occupied with about 50 tenants, according to Colliers Monroe Friedlander, which is marketing the property for A&B.

Mililani Shopping Center was the first of three shopping malls in the Central O’ahu community when it opened in 1970, and is the second-largest mall in the area today.

Honolulu-based A&B said it has made substantial improvements to the center since buying the property from Japan’s Morita Co.

“Mililani Shopping Center is a major retail center in central Oahu, and offers an excellent opportunity for investors interested in expanding or initiating a Hawai’i-based portfolio,” said Norb Buelsing, president of A&B Properties Inc.

Tenants include Ross Dress for Less, 24-Hour Fitness, Blockbuster, GameStop, Starbucks, Jack In the Box, Goodyear Tires, and NAPA Auto Parts. Established local tenants include Foodland Super Market, Bank of Hawaii, First Hawaiian Bank, American Savings Bank, Wahiawa General Hospital, Hawaii USA Federal Credit Union and The Shack Restaurant.

Alexander & Baldwin, through A&B Properties, owns 20 retail, office and industrial sites in Hawai’i and 22 in eight other states. Its Hawai’i portfolio includes the Kunia Shopping Center, Kaneohe Bay Shopping Center and Pacific Guardian Tower on O’ahu, and the Kahului Shopping Center and Maui Mall on the Valley Isle.

Source: HNA