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A&B PROPERTIES BUYS PHOENIX OFFICE
BUILDING
Deer Valley Financial Center is Fourth A&B Investment in Arizona
HONOLULU – (June 8, 2005) – A&B Properties, Inc., the real estate
subsidiary of Alexander & Baldwin, Inc. (NASDAQ: ALEX), has purchased
the Deer Valley Financial Center, a two-story office building in
Phoenix, Arizona, from Hannay Investment Properties, Inc., for $22.25
million. The property contains approximately 126,600 square feet of
leasable space situated on a 9.7-acre fee simple parcel in the north
central area of Phoenix. Deer Valley Financial Center is currently 96%
occupied. This is A&B’s fourth real estate investment in the larger
Phoenix region.
The property, which was constructed in 2001, is located at the
intersection of Interstate-17, Phoenix’s primary north/south arterial,
and the Loop 101 freeway. It is a two-story structure with a total of
580 parking stalls occupied by 22 tenants, including Blackboard Corp.,
Compass Bank, Performance Software, Pantheon Chemical, American Mortgage
Specialists and Global Water Management.
“We have confidence in the Phoenix market,” said A&B Properties
Executive Vice President Norb Buelsing, “as it is one of the fastest
growing metropolitan areas in the nation and its growth is expected to
continue.” Deer Valley Center is positioned near several master planned
communities that are in various stages of construction, and is
immediately adjacent to the Deer Valley Airport, the second busiest
general aviation facility in the U.S. Buelsing added, “The property is
well-configured to address the requirements of smaller office space
users, with the majority of its office units ranging from 3,000 to 5,000
square feet in area.”
In total, A&B owns an income property
portfolio comprising over 5 million square feet of leasable space in
Mainland and Hawaii office, industrial and retail properties. A&B also
owns 90,000 acres in Hawaii, making it the State’s fourth largest
private landowner.
Alexander & Baldwin, Inc. (A&B), headquartered in Honolulu, is engaged
in real estate through its subsidiary, A&B Properties, Inc.; in
transportation through its subsidiaries, Matson Navigation Company, Inc.
and Matson Integrated Logistics, Inc.; and in food products 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. Factors that could cause actual results to
differ materially from those contemplated in the statements include,
without limitation, overall economic conditions, failure to satisfy the
closing conditions set forth in the definitive agreement and other risks
associated generally with acquisitions and developments. 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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