A&B ADDS ANOTHER CALIFORNIA WAREHOUSE TO REAL PROPERTY PORTFOLIO 
Purchases Industrial Warehouse Complex in Ontario, California 

HONOLULU -- Moving to acquire additional commercial property in one of the nation’s most rapidly growing economic regions, Alexander & Baldwin, Inc. (NASDAQ: ALEX) today finalized a real property investment in Ontario, California, announced A&B President and CEO W. Allen Doane. A&B has purchased, through a subsidiary, the Ontario-Pacific Business Centre, a fully-occupied seven-building industrial warehouse complex comprising 246,700 square-feet of leasable area, located on 11.2 acres of land in the City of Ontario. The acquisition, for $13.5 million, complements two other A&B-owned properties in the vicinity. The Ontario-Pacific Business Centre is a multi-tenant warehouse/distribution facility offering pre-finished office improvements, attractive to smaller distribution and manufacturing businesses. It contains a total of 31 leasable spaces, each with a private office and two rest rooms. The seller was the property’s original developer, Ontario-Pacific Business Centre.

“This acquisition continues A&B’s strategic objective of increasing earnings growth from real estate investments in fast-growing areas with promising economies,” said Doane. With this purchase, the company has a portfolio of commercial properties in Hawaii and on the U.S. mainland consisting of 4.25 million square feet of leaseable retail, office and industrial space.

The City of Ontario is located within Los Angeles’ Inland Empire, which encompasses two counties – Riverside and San Bernardino – forecast to be one of the fastest growing regions in the country for the next twenty years. Ontario, in San Bernardino County, is a primary West coast regional distribution center, due to its excellent rail and freeway access to shipping ports and the nearby Ontario International Airport and UPS West Coast air hub, and its proximity to major population centers in Southern California.

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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