Configured for both light manufacturing and distribution uses, Centennial Plaza is A&B's first acquisition in Utah. It was acquired in a Section 1031 tax-deferred exchange, using proceeds from other properties sold by A&B earlier in the year.
"Centennial Plaza is a well-maintained facility in a good location ... and it will diversify our income portfolio well," says Norb Buelsing, A&B Properties Executive Vice President. "Utah was recognized recently by Forbes magazine for its supportive business environment and, based on significantly increased market activity in 2003, we believe the industrial market in Salt Lake City is poised for recovery."
In June, the company announced the $23-million sale of Airport Square, a 170,800-sf retial center on 18.6 acres adjacent to Interstate 395 and near the Reno International Airport. The company said the $6.6-million pre-tax gain from the sale of would be reinvested as part of the company's strategy to grow its real estate holdings.
Honolulu-based A&B Properties continues to diversify its real estate portfolio by type and location. In April, the company signed a letter of intent to join a joint venture in the development of a 40-story residential tower in Honolulu. That same month it also acquired two-story, a 51,061-sf manufacturing and R&D facility in Valencia, CA, where in January it announced plans to develop a 64,300-sf office building. In March, it paid $20 million for a 32%-occupied Downtown Honolulu office building that it plans to "condoize."
A&B Properties is the real estate subsidiary of Alexander & Baldwin Inc., which owns 91,000 acres in Hawaii, making it Hawaii's fifth largest private landowner.
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