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Built in 1997, Southbank was acquired by A&B in 1998. It is located in the Southbank Business Park and tenants at the property include the University of Phoenix and Encore Legal Solutions. It is accessible from Phoenix Sky Harbor International Airport and downtown Phoenix, being within five miles of the airport and directly accessible to Interstate 10.
The Maui parcel, in central Kahului, was a ground lease within an industrial park that had been previously developed by A&B.
The president of A&B Properties, Norbert M. Buelsing, said that the sale of Southbank and the Maui parcel demonstrate continuing demand for quality, stable income properties and well-located land in Hawaii. Southbank was sold at a favourable price, he added.
Following the sale A&B Properties' commercial property/investment portfolio now totals 8.5m square feet of retail, office and industrial space in Hawaii and eight mainland states, including two office buildings in Phoenix.
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