|
A&B SELLS ONE MAIN PLAZA BUILDING IN
WAILUKU
Well-Located Class A Office Building Has 83% Occupancy
HONOLULU – (March 3, 2006) - Alexander & Baldwin, Inc. (NASDAQ: ALEX)
and its subsidiary A&B Properties, Inc. today completed the sale of One
Main Plaza, a Class A office building located in Wailuku, Maui, for an
undisclosed price. It was sold to John Saunders Trust, based in Newport
Beach, Calif. A&B acquired the building in 1997. It is situated on about
36,600 square feet of leasehold property and contains 82,000 square-feet
of leasable space and more than 200 parking stalls in a multi-level
parking garage. As of February 2006, it is 83 percent occupied.
“The timing of the sale of this building was right, given the general
improvement in Hawaii’s office market and the recent leasing activity at
this particular property,” said Norbert Buelsing, A&B Properties’
executive vice president in charge of the company’s leased portfolio.
“A&B plans to reinvest the proceeds in other income-producing real
estate.”
The six-story building, located on the corners of Main, North High and
Vineyard Streets in Wailuku, was completed in 1989. Major tenants
include the County of Maui, Morgan Stanley, State Farm Insurance,
Carlsmith Ball LLP, Rush Moore LLP, the Social Security Administration,
and the Federal Bureau of Investigation.
A&B owns 90,000 acres in Hawaii, making it Hawaii’s fourth largest
private landowner. A&B also has a leased portfolio comprising more than
5.3 million square feet of leasable retail, office and industrial space
on the Mainland and in Hawaii. Recent sales of Hawaii income properties
have enabled A&B to recognize substantial appreciation and to reinvest
proceeds into new development opportunities, in Hawaii and in other
selected markets. Additional information may be found at A&B Properties’
web site: www.abprop.com
Alexander & Baldwin, Inc. is a diversified
corporation headquartered in Honolulu. A&B’s major lines of business are
ocean transportation (Matson Navigation Company, Inc. and Matson
Integrated Logistics, Inc.); real estate (A&B Properties, Inc.); and
food products (Hawaiian Commercial & Sugar Company, Kauai Coffee
Company, Inc.). Additional information about A&B may be found at its web
site: www.alexanderbaldwin.com
# # #
back
to index |
