ALEXANDER & BALDWIN PURCHASES ARIZONA SHOPPING CENTER 
Mesa South Center, in Phoenix Suburb

HONOLULU -- Subsidiaries of Alexander & Baldwin, Inc. (A&B) have acquired a shopping center in a suburb of Phoenix, Arizona, announced A&B President and Chief Executive Officer W. Allen Doane, continuing the company’s expansion of its real estate business. The transaction closed today. 
This is A&B’s second purchase in the Phoenix area, following the October 1998 acquisition of an office building, Southbank II. “This acquisition is part of A&B’s strategy of focusing our real estate investments in growing metropolitan areas,” said Doane, “and will enable A&B to take further advantage of the city’s growth.” Greater Phoenix is the second-fastest growing area in the country, and its retail market is enjoying the benefits of a healthy population and job growth.

The 133,600 square foot Mesa South Center is located on an 18-acre parcel in east Phoenix, in a well-established community. This neighborhood shopping center was built in 1981, enjoys an occupancy rate of 94% and is anchored by Fry’s Food & Drug Store, Phoenix’s leading grocery store chain. The property was acquired from Prudential Savings Bank, F.S.B. 

This acquisition brings the company’s portfolio of commercial properties in Hawaii and on the U.S. mainland to 3.9 million square feet of leasable retail, office and industrial space.

Alexander & Baldwin, Inc. (NASDAQ: ALEX) is a diversified corporation headquartered in Honolulu, with two main subsidiaries: A&B-Hawaii, Inc. (property development and management, and food products) and Matson Navigation Company, Inc. (ocean transportation).

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