Alexander & Baldwin Buys property in Hawaii and California

A&B Properties Inc. has purchased the Waipio Gentry industrial properties in Central Oahu and also a warehouse and distribution facility near San Diego, the company said Wednesday.

Honolulu-based A&B Properties, the real estate subsidiary of Alexander & Baldwin Inc. (NYSE: AXB), acquired both properties using 1031 tax-deferred proceeds from earlier commercial property sales.

The Gentry portfolio consisted of five buildings totaling 158,000 square feet. The Activity Distribution Center in Miramar, Calif., consisted of four buildings totaling 252,000 square feet, the company said in a news release.

“The acquisitions of Activity and Waipio further support our real estate investment strategy to own and operate logistics-oriented warehouse facilities in key distribution markets,” said Norbert M. Buelsing, president of A&B Properties.

Source:  Pacific Business News

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