HONOLULU–(BUSINESS WIRE)–A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc. (NYSE:ALEX ) (“A&B”), announced today that it has completed the sale of a 126,000 square-foot industrial warehouse on San Jose Avenue in the City of Industry, California.
“We continue to realize favorable pricing for quality, stable properties,” said Norbert M. Buelsing, president of A&B Properties. “A recent lease extension agreement with the tenant occupying this warehouse, coupled with its central location in a prominent industrial and commercial submarket of Los Angeles, positioned us well for the disposition. We continue apace with A&B’s core investment strategy of tax-effectively redeploying real estate sales proceeds into new commercial property investments with favorable growth prospects.”
The property is located in the City of Industry in the San Gabriel Valley section of Los Angeles, California, and offers immediate access to the Pomona (SR-60) and San Bernardino (I-10) freeways, two major arterials in Los Angeles.
With the sale of this property, A&B Properties’ commercial property/investment portfolio consists of 8.5 million square feet of retail, office and industrial space located in Hawaii and eight U.S. mainland states. Additional information about A&B Properties, Inc. may be found at its web site: www.abprop.com.