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A&B Properties Sells Sites

Posted on: Wed, 01 Apr 2009 01:12:00 EDT

Symbols: AXB

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Mar 31, 2009 (Close-Up Media via COMTEX) --
AXB | Quote | Chart | News | PowerRating -- A&B Properties, the real estate subsidiary of Alexander & Baldwin, announced that it has completed the sale of Southbank II, a 120,800 square-foot, single-story office building in Phoenix, Arizona, and a 37,300 square-foot ground lease parcel in Kahului, Maui.

"The sale of Southbank and the Maui parcel demonstrate continuing demand for quality, stable income properties and well-located land in Hawaii. At Southbank, the recent execution of long term lease agreements and the stable operating performance during our 11-year ownership, coupled with the underlying appreciation of real estate values, resulted in the disposition at a favorable price," said Norbert M. Buelsing, president of A&B Properties.

The Maui parcel was a ground lease within an industrial park that had been previously developed by A&B.

Buelsing said, "We continue to look for new opportunities to further A&B's core strategy of redeploying sales proceeds, on a tax-advantaged basis, into high-quality, commercial properties in markets that have a good growth potential."

Southbank was built in 1997 and acquired by A&B in 1998. The property is located in the Southbank Business Park, less than five miles from Phoenix Sky Harbor International Airport and downtown Phoenix, and with direct access to Interstate 10. Tenants at the property include University of Phoenix and Encore Legal Solutions.

The Maui parcel is located in central Kahului and was part of the A&B Fairgrounds' development in the early 1990s.

With the sale of Southbank, A&B Properties' commercial property/investment portfolio consists of 8.5 million square feet of retail, office and industrial space located in Hawaii and eight mainland states, including two office buildings in Phoenix.

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