A&B Properties Sells Industrial Park in Kent, Washington
2010年5月18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), announced today that it
has completed the sale of the Valley Freeway Corporate Park, a
228,200 square-foot, three-building industrial park located in
Kent, Washington, for $15.5 million.
“We achieved a favorable sales price for Valley Freeway
Corporate Park, which reflects the continued demand for
well-located industrial properties and A&B's success in
maintaining the quality and performance of this asset,” said
Norbert M. Buelsing, president of A&B Properties, Inc.
“Effective management has resulted in 96 percent current occupancy,
positioning the property to achieve its full market value. The sale
positions us to continue our core investment strategy, as proceeds
are expected to be redeployed, on a tax-advantaged basis, into
other commercial real estate investments with favorable growth
prospects.”
Valley Freeway Corporate Park is located in the City of Kent,
Seattle’s largest industrial submarket.
With the sale of this property, A&B Properties’ commercial
property/investment portfolio consists of 8.2 million square feet
of retail, office and industrial space located in Hawaii and seven
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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