A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc. (NYSE:AXB)(�Company�), announced today that it has acquired the Midstate 99 Warehouse Portfolio (�Midstate�) in Visalia, California. The 790,370 square-foot, four-building warehouse and distribution facilities are 94 percent leased, with a mix of retail and wholesale tenants, and are located within a 480-acre master-planned logistics park, Midstate 99 Distribution Center. The acquisition will be funded through the use of 1031 tax-deferred proceeds from some of the Company�s prior commercial property sales and the assumption of existing debt. �Midstate extends our real estate investment strategy of acquiring logistics-oriented assets in emerging industrial markets,� said Norbert M. Buelsing, president of A&B Properties. �And with adjacency to the main north/south truck corridor in central California, tenants can easily reach their customers, over 98 percent of California�s population, with overnight ground service, and over 65 million people in an expedited, two-day truck run. Midstate also represents a continuation of our strategy to tax-effectively reinvest real estate sales proceeds into our commercial property portfolio.� The buildings were recently constructed from 2001 to 2008 by The Allen Group, a San Diego-based industrial development firm specializing in the development of logistics parks situated near strategic intermodal, rail and highway infrastructure. The buildings consist of high-quality concrete tilt-up structures, providing ESFR fire protection systems, 30-foot clear heights and deep truck courts. Major tenants at the property include International Paper, Coast Distribution and Workflow One. With the acquisition, A&B Properties� commercial property/investment portfolio will comprise of 7.9 million square feet of retail, office and industrial space located in Hawaii and eight mainland states. Additional information about A&B Properties, Inc. may be found at its web site: www.abprop.com. About Alexander & Baldwin: A&B is headquartered in Honolulu, Hawaii and is engaged in ocean transportation and logistics services through its subsidiaries, Matson Navigation Company, Inc., Matson Integrated Logistics, Inc. and Matson Global Distribution Services; in real estate through A&B Properties, Inc.; and in food products through Hawaiian Commercial & Sugar Company and 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. 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.
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