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A&B PROPERTIES COMPLETES
MAUI LAND SALE
HONOLULU – (March 25, 2003) -- Alexander & Baldwin, Inc. (NASDAQ: ALEX)
announced that its real estate subsidiary, A&B Properties, Inc., closed
today the sale, for about $9.2 million, of property consisting of a
total of seven acres, in Kahului, Maui, to Fergus & Company.
The property is located across Dairy Road from the Maui Marketplace (a
20-acre shopping center developed within A&B’s Maui Business Park) and
is bounded by Hukilike Street and Papa Place. The parcel comprises a
little less than half of the land area in the block, and had been
developed previously. There currently are 21 tenants occupying the
property, which is zoned industrial, allowing for a wide range of uses,
including retail, light industrial and other businesses.
“It is good to transfer ownership of this property to another
Hawaii-based entity,” said A&B President and CEO Allen Doane. “In
keeping with our normal practice, we expect to reinvest the proceeds of
this sale shortly.”
A&B Properties, Inc. is the property development and management
subsidiary of Alexander & Baldwin, Inc., which owns and manages
approximately 91,000 acres in Hawaii -- making it Hawaii’s fifth largest
private landowner. These extensive land holdings include 68,000 acres on
Maui and 22,000 acres on Kauai. The Company also has a portfolio of
commercial income properties of more than five million square feet in
Hawaii and the western United States.
A&B’s major lines of business are transportation (Matson Navigation
Company, Inc., Matson Intermodal Systems, Inc.); property development
and management (A&B Properties, Inc.); and food products (Hawaiian
Commercial & Sugar Company, Kauai Coffee Company). 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 that involve a number of risks and
uncertainties such as those described on page 19 of the Company's Annual
Report on Form 10-K, which is incorporated in the Company’s 2002 annual
report to shareholders. These factors could cause actual results to
differ materially from those projected in the statements.
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