A&B Properties Acquires Kailua-Kona Shopping Center
2010年4月12日 - 9:00PM
ビジネスワイヤ(英語)
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.
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