ALEXANDER & BALDWIN PURCHASES SOUTHERN CALIFORNIA WAREHOUSE 
Day Creek Industrial building in Ontario, near Ontario International Airport


HONOLULU -- An Alexander & Baldwin, Inc. (A&B) subsidiary has made an additional investment in Southern California with the purchase of an industrial warehouse in Ontario, Calif., announced A&B President and CEO W. Allen Doane. In a transaction that closed today, A&B Properties, Inc. paid $5.3 million for the property and its improvements. The 8.18-acre parcel was developed in 1997 with a warehouse building, called Day Creek Industrial. The building contains 147,319 square feet of space and is located just three miles from the newly expanded Ontario International Airport. Day Creek Industrial is 100% leased to two tenants: Stress-O-Pedic Mattress Company, Inc. and Federal Express Corporation. 

This is the thirteenth property acquisition by A&B since 1994. With this purchase, the company has a portfolio of commercial properties in Hawaii and on the U.S. mainland consisting of 3.75 million square feet of leasable retail, office and industrial space.

The Ontario area is already established as a key part of the West Coast transportation and distribution infrastructure. Doane explained that the location of the warehouse, in particular, made it an attractive acquisition because “it is accessed by three major arterials (I-10, I-15 and the Pomona Freeway); it is close to California’s largest cargo airport; and the city is served by two railroads—Southern Pacific and Union Pacific. Day Creek Industrial is both located and sized to take advantage of the growth expected in this submarket.” 

The Ontario submarket is part of the economic region known as the Inland Empire, which comprises San Bernardino and Riverside Counties and an eastern portion of Los Angeles County. The current population of 3.1 million people is expected to increase to 4.6 million by 2010.

Managing and leasing of Day Creek Industrial will be handled by Essex Realty Management, on behalf of A&B Properties.

A&B Properties, Inc. is the real estate development and management subsidiary of Alexander & Baldwin, Inc. (NASDAQ: ALEX), a diversified corporation headquartered in Honolulu. A&B has two main subsidiaries: Matson Navigation Company, Inc. (ocean transportation) and A&B-Hawaii, Inc. (food products, and real estate development and management).

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