Alexander & Baldwin Inc. has added to its Utah real estate holdings with the purchase of a neighborhood shopping center in Sandy, Utah, for $20.5 million.
The Honolulu-based company said the purchase through subsidiary A&B Properties Inc. was made with tax-deferred proceeds from recent real estate sales, and becomes the third commercial property owned by A&B in the greater Salt Lake City area.
Sandy is Utah’s fifth-largest city, and is about 17 miles from downtown Salt Lake City.
The shopping center named Little Cottonwood Center contains 141,600 square feet of leasable space that is 97 percent occupied and anchored by a local super market. Other tenants include McDonald’s, Starbucks and Texaco.
by David Manger | 24 Jul 09
On Friday, Alexander & Baldwin ALEX reported results . . .
… Losses in the agriculture business continue to hinder overall profitability, despite multiple cost-reduction efforts. As a result, management plans to make an announcement regarding the future of the segment by year-end. Given its unprofitable nature, we would prefer A&B to exit the business all together and focus resources elsewhere. Nevertheless, we remain encouraged by the firm’s strong financial position and expect it to bolster its land holdings at current prices.
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