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Alexander & Baldwin Entity Buys Third Sacramento Office Building;
$12.4 Million for Building in Master Planned Office Park
HONOLULU--(BUSINESS WIRE)--June 14,
2006--A&B Gateway LLC, an entity related to Alexander & Baldwin, Inc. (NASDAQ:ALEX),
has purchased for $12.4 million a two-story office building situated
within Crown Corporate Center, a 31-acre master-planned business park,
located three miles north of downtown Sacramento, Calif. The building,
2890 Gateway Oaks, contains approximately 58,700 square-feet of leasable
space. The property was purchased from Fox Creek Fund LLC, a
California-based investment group, and is being acquired in a Section
1031 exchange. The transaction closed today and represents A&B's third
acquisition in the Sacramento area.
Tenants at the property include the University of Phoenix, IKON, GECC
and JP Morgan. The Crown Corporate Center benefits from I-80 freeway
visibility and is located approximately ten minutes south of the
Sacramento International Airport and downtown Sacramento. The building
was constructed in 1999 by BTV Crown Equities, the master developer of
the 31-acre Crown Corporate Center. 2890 Gateway Oaks is part of a
master-planned office park.
A&B's other holdings in Sacramento include 2450 Venture Oaks and
Prospect Park Center. Both office buildings were acquired in 1998 and
are 100% leased.
"A&B was attracted back to Sacramento's office market by the opportunity
to invest in a quality, master-planned development, well located in the
growing South Natomas district," explained Norbert M. Buelsing,
executive vice president of A&B Properties, Inc. "Significant housing
has been developed in the area over the past five years, which increases
the desirability of Natomas as a suburban office location."
A&B's income portfolio of commercial properties in Hawaii and on the
U.S. mainland currently consists of more than 5.8 million square feet of
leasable retail, office and industrial space. A&B owns 90,000 acres of
land in Hawaii, making it the state's fourth largest private landowner.
The majority of A&B's recent acquisition and investment activity has
been focused on Hawaii, where various A&B development projects are
ongoing on Oahu, Maui, Kauai and the Big Island.
A&B Properties, Inc. (www.abprop.com)
is the real estate subsidiary of Alexander & Baldwin, Inc., 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.
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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