HONOLULU, Jan. 15, 2019 /PRNewswire/ -- Alexander
& Baldwin (A&B) (NYSE: ALEX) recently completed the
off-market acquisition of two Class A warehouse buildings located
in Kapolei, representing 150,000
square feet of prime industrial space. The $40 million purchase closed on Dec. 28, 2018 and was financed with proceeds of
A&B's sale of its agricultural lands on Maui.
Located in Kapolei Business Park Phase I, the warehouses are
built on adjacent parcels totaling approximately 6.45 acres and
feature 32-foot clear heights, dock-high loading and ESFR sprinkler
systems. Approximately 75 percent of the space across the buildings
will be leased by the former owner, Covan, a national moving
company. The buildings also include rooftop photovoltaic systems,
which will be used by tenants to help defray their energy
costs.
On Dec. 20, 2018, A&B
completed the $262 million sale of
approximately 41,000 acres of agricultural farmland on Maui to Mahi
Pono, a farming venture between Pomona Farming, LLC, a
California-based agricultural
group, and the Public Sector Pension Investment Board (PSP
Investments), a long-term investor and one of Canada's largest pension investment
managers.
"These are high-quality industrial assets and we're excited to
add them to our portfolio. Our focus is on Hawaii and this is just the first step in our
effort to reinvest the proceeds from the sale of our Maui farmlands. We will continue to look for
other opportunities to invest locally in commercial real estate,"
said Lance Parker, A&B chief
real estate officer.
About Alexander & Baldwin, Inc.
Alexander &
Baldwin, Inc. is Hawai'i's premier commercial real estate company
and the state's foremost owner of grocery-anchored retail centers.
A&B is a fully integrated real estate investment trust and
owns, operates and manages approximately 3.6 million square feet of
primarily retail and industrial space in Hawai'i, and is a major
landowner in the state. A&B's interests extend beyond
commercial real estate into renewable energy and land stewardship.
A&B is Hawai'i's largest construction materials company and
paving contractor. Over its nearly 150-year history, A&B has
evolved with the state's economy and played a lead role in the
development of the agricultural, transportation, tourism,
construction and real estate industries. Learn more about A&B
at www.alexanderbaldwin.com.
Contact: Darren Pai;
808-525-6659; dpai@abhi.com
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SOURCE Alexander & Baldwin