A&B Properties Sells Sacramento Office Building
01 Décembre 2008 - 2:00PM
Business Wire
A&B Properties, Inc., the real estate subsidiary of Alexander
& Baldwin, Inc. (NYSE:AXB) (�Company�), announced today that it
has sold Venture Oaks, a 100,000 square-foot, five story office
building in Sacramento, California, to KBS City Gate Plaza, LLC.
�We achieved a favorable sales price for the property, which
reflected the economic value of a recent lease extension for a
major tenant, as well as the underlying appreciation of real estate
values in Sacramento during our ownership. This combination -
long-term appreciation and active property management - has
consistently optimized the value we achieve in our portfolio
dispositions,� said Norbert M. Buelsing, president of A&B
Properties. �And as part of our core investment strategy we plan to
put the proceeds from this sale to work, on a tax-deferred basis,
in replacement properties that have a higher potential for
appreciation.� Venture Oaks is located in the Gateway Center
suburban office district of South Natomas, Sacramento. The
property�s primary tenant, occupying 87% of the building, is the
State Compensation Insurance Fund. After this sale, A&B
Properties� commercial property/investment portfolio will comprise
7.5 million square feet of retail, office and industrial space
located in Hawaii and eight mainland states, including two office
buildings in Sacramento. Additional information about A&B
Properties, Inc. may be found at its web site: www.abprop.com.
About Alexander & Baldwin: A&B is headquartered in
Honolulu, Hawaii and is engaged in ocean transportation and
logistics services through its subsidiaries, Matson Navigation
Company, Inc., Matson Integrated Logistics, Inc. and Matson Global
Distribution Services; in real estate through A&B Properties,
Inc.; and in food products through Hawaiian Commercial & Sugar
Company and 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. 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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