Alexander & Baldwin 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.

Alexander & Baldwin 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

Alexander & Baldwin 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.

Alexander & Baldwin Inc

State approves Kakaako plan

The Hawaii Community Development Authority gave the developer clearance yesterday to proceed with its master plan for 29 acres, officially called “Kaiaulu ‘O Kakaako.”

Kamehameha will begin seeking bids to build a work-force, or affordable, housing project at the corner of Halekauwila and South streets, the site of a parking lot, to satisfy state requirements.

“We’re very pleased,” said Kamehameha spokeswoman Ann Botticelli. “We’re pleased at the amount of support we’ve seen from our neighbors, members of the community and the Hawaiian community. We’re pleased they like the vision as much as we do.”

Kamehameha is very close to signing Safeway for the school’s former CompUSA space along Ala Moana, Botticelli said.

Besides a 25,000-square-foot plaza along Auahi Street, Kamehameha plans to add up to 2,750 more residences in high-rises, townhomes and lofts.

At the center of it all, Kamehameha is also planning a 400,000-square-foot Asia Pacific Research Center to house biotech companies and labs next to the medical school.

Kamehameha will issue a request for proposals from developers for a residential tower at the corner of Halekauwila and South streets geared toward work-force housing.

Developers are required by the state to set aside at least 20 percent of projects for so-called reserved housing, but Kamehameha also offered to set aside an additional one-tenth of that percentage for lower-income residents. Kamehameha Schools has won state approval of its master plan for Kakaako, a major step toward making its 15-year vision of transforming the neighborhood into reality.

HCDA’s 10 present board members voted unanimously yesterday to approve the master plan, following a morning of positive testimony from members of the community, including architects, scientists and the cultural descendants of iwi potentially found within the 29 acres.

Anthony Ching, HCDA’s executive director, said there was, by and large, supportive testimony throughout the public comment period that extended from March to June.

A few members of the Community Planning Advisory Council did, however, submit written testimony opposing the project.

Bob Loy from Outdoor Circle said he opposed the project because it proposes high-rises along Ala Moana, which are counter to CPAC’s guiding principles of preserving open view planes.

“Buildings built up to 400 feet high along Ala Moana will significantly block the present Mauka-Makai view plane — regardless of their physical orientation,” said Loy.

Also, the city’s primary urban development plan discourages a high-rise “picket fence” between downtown and Waikiki.

Friends of Kewalo Basin, which protested the Alexander & Baldwin project a few years ago, also opposed the plan.

Paulette Kaleikini, a native Hawaiian descendant of burials in Kakaako, lauded Kamehameha for speaking with her well in advance of the project.

She said Kamehameha took a pro-active approach in speaking with burial descendants, and in agreeing to an archaeological inventory survey, well before starting construction.

Kamehameha will need to consult continually with the state Historic Preservation Division and Oahu Island Burial Council while implementing its master plan.

HCDA, in January, also approved a master plan by General Growth Properties proposing up to 4,000 more residences including mid- and high-rises on 60 acres in Kakaako over 15 years.

Before starting construction, Kamehameha still will need to apply for a city building permit, as well as a development permit from HCDA, according to Ching.

Source: SB

Alexander & Baldwin 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

Alexander & Baldwin 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

Alexander & Baldwin Inc

A&B buys Oahu industrial property

A&B Properties Inc. has purchased the Waipio Gentry industrial properties in Central Oahu and also a warehouse and distribution facility near San Diego, the company said Wednesday.

Honolulu-based A&B Properties, the real estate subsidiary of Alexander & Baldwin Inc. (NYSE: AXB), acquired both properties using 1031 tax-deferred proceeds from earlier commercial property sales.

The Gentry portfolio consisted of five buildings totaling 158,000 square feet. The Activity Distribution Center in Miramar, Calif., consisted of four buildings totaling 252,000 square feet, the company said in a news release.

“The acquisitions of Activity and Waipio further support our real estate investment strategy to own and operate logistics-oriented warehouse facilities in key distribution markets,” said Norbert M. Buelsing, president of A&B Properties.

The Activity industrial park, located in one of San Diego County’s strongest submarkets, is fully leased with a mixed tenant base of both U.S. and international businesses.

The Waipio Gentry properties are located in the 125-acre Gentry Business Park and are 98 percent leased to wholesale, retail and manufacturing clients.

A&B Properties now owns 8.6 million square feet of retail, office and industrial space in Hawaii and eight other states.

Source: PBN