Alexander & Baldwin (ticker: ALEX, exchange: NASDAQ Global Select Market (.O))
News Release -
A&B Joint Venture Sells Valencia Office Building; Westridge Executive Plaza Built in 2003, Sold for $20.8 Million
HONOLULU--(BUSINESS WIRE)--Nov. 29, 2005--
A real estate joint venture in which a subsidiary of Alexander &
Baldwin, Inc. (NASDAQ:ALEX) is a partner has completed the sale of
Westridge Executive Plaza, an office building developed by the joint
venture in Valencia, Calif., for $20.8 million. The buyer was Core
Realty Holdings, LLC, a newly formed tenant-in-common investment
"This sale represents the culmination of A&B's first U.S. mainland
joint venture development," noted A&B Properties, Inc. Senior Vice
President Michael G. Wright, who is responsible for A&B's real estate
acquisitions and investments. "By selling this Class A property at
this time, we are capitalizing on the very strong demand for
investment property in Southern California."
The three-story, 64,300 square-foot office building is situated on
a 4.1-acre fee simple parcel and is 98 percent occupied. Westridge
Executive Plaza was completed in November 2003, having been developed
by A&B Westridge, LLC, comprised of A&B subsidiary A&B Properties,
Inc. and an affiliate of Intertex Construction Company, a
Valencia-based general contractor and developer of commercial
properties. Major tenants include Wells Fargo Bank, Pardee Homes and
Realty Executives. The property is situated at the primary entrance to
Newhall Ranch, the next large-scale residential project being
developed in Valencia - a master-planned community located in the
Santa Clarita Valley, roughly 30 miles north of Los Angeles.
"Our strategy of growing real estate investments on the Mainland
was initiated in Valencia because of its dynamic growth," continued
Wright. "We are fortunate to have formed a relationship with an
experienced development partner, with whom we have secured superior
With the sale of this asset, A&B remains affiliated with Intertex
in four other real estate joint venture investments in Valencia, which
currently are in pre-development: 1) Center Pointe Marketplace, a
100,000 square-foot retail center; 2) Crossroads Plaza, a 62,000
square-foot commercial center; 3) 5.4 acres of commercial land in Rye
Canyon Business Park; and 4) Bridgeport Marketplace, a 120,600
square-foot retail center.
A&B owns 91,000 acres in Hawaii, making it Hawaii's fourth largest
private landowner. Besides focusing on the development and management
of these core real estate holdings, in recent years A&B has embarked
on a strategy of expanding beyond its historical Hawaii landholdings.
A&B's strategy has focused primarily on Hawaii, where it has invested
in 24 Hawaii properties since 1999, representing a capital commitment
of $500 million. A&B also has a leased portfolio comprising more than
5.1 million square feet of leasable retail, office and industrial
space on the Mainland and in Hawaii. Additional information may be
found at its web site: www.abprop.com
A&B Properties, Inc. is the real estate subsidiary of Alexander &
Baldwin, Inc., a diversified corporation headquartered in Honolulu.
A&B's major lines of business are ocean transportation (Matson
Navigation Company, Inc. and Matson Intermodal Logistics, Inc.); real
estate (A&B Properties, Inc.); and food products (Hawaiian Commercial
& Sugar Company, 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. Factors that could cause actual results to differ
materially from those contemplated in the statements include, without
limitation, overall economic conditions, failure to satisfy the
closing conditions set forth in the definitive agreement and other
risks associated generally with acquisitions and developments. 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.
CONTACT: Alexander & Baldwin, Inc.
Meredith J. Ching, 808-525-6669
SOURCE: Alexander & Baldwin, Inc.