Industrial
A&B Properties sells California warehouse
September 17, 2009 by admin · Leave a Comment
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
Industrial
A & B buys two California warehouses
September 1, 2009 by admin · Leave a Comment
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
Industrial
A&B buys Oahu industrial property
March 4, 2009 by admin · Leave a Comment
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