ALEXANDER & BALDWIN PURCHASES HAWAII BUSINESS PARK IN PEARL CITY, OAHU 
Well-Constructed and Conveniently Located Property 


HONOLULU -- Alexander & Baldwin, Inc. (A&B) has made an additional investment in Hawaii 
with the purchase, through a subsidiary, of the Hawaii Business Park, an industrial warehouse complex located in Pearl City, Oahu, announced A&B President and CEO W. Allen Doane. In a transaction that closed today, A&B Development Company (California) acquired the 5.1-acre fee simple parcel and its improvements from Tosei Shoji Co., Ltd. With this purchase, the company has a portfolio of commercial properties in Hawaii and on the U.S. mainland consisting of 4 million square feet of leaseable retail, office and industrial space.

“Acquisition of this industrial property complements our growing portfolio of Hawaii properties,” said Doane, “and reflects A&B’s confidence in Hawaii investments. In fact, we continue to seek real estate investments throughout the state.” The Hawaii Business Park is a well-designed industrial property that has convenient access to Central Oahu and its growing population. The multi-tenant warehouse/ distribution facility is 96% occupied. The property was developed in 1983 with three warehouse buildings that contain a total of 85,183 square feet of leaseable space.

Alexander & Baldwin, Inc. (NASDAQ: ALEX) is 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). Additional information about A&B may be found at its web site: www.alexanderbaldwin.com.

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