Expands Industrial Footprint in Central Oahu
HONOLULU, Sept. 23,
2024 /PRNewswire/ -- Alexander & Baldwin,
Inc. (NYSE: ALEX) ("A&B" or the "Company"), a Hawai'i-based
owner, operator, and developer of high-quality commercial real
estate, announced it has completed an off-market acquisition of an
industrial property in Pearl City,
O'ahu for $29.7 million.
The 81,500-square-foot food distribution facility is fully
leased to Hansen Distribution Group, a broadline food service
subsidiary of C&S Wholesale Grocers, an industry leader in
supply chain solutions and wholesale grocery supply in the United States. Its central location on
O'ahu provides ease of access to the Daniel K. Inouye International
Airport, Honolulu Harbor and Honolulu's urban core.
"We're excited to add the Pearl
City distribution facility as the newest asset to our
portfolio. This acquisition aligns with Alexander & Baldwin's
strategy to expand our commercial real estate portfolio in Hawai'i,
focusing on retail, industrial, and ground lease assets," said
Lance Parker, A&B president
& CEO. "The asset is fully occupied under a long-term lease to
an established food service provider that serves our local
community, and it strengthens our position in O'ahu's tight
industrial market and allows us to reinvest proceeds from the sales
of assets into higher-yielding investments that enhance our
portfolio and deliver long-term value. We expect this investment to
be immediately accretive to Funds From Operations (FFO)."
ABOUT ALEXANDER & BALDWIN
Alexander & Baldwin,
Inc. (NYSE: ALEX) ("A&B") is the only publicly-traded real
estate investment trust to focus exclusively on Hawai'i commercial
real estate and is the state's largest owner of grocery-anchored,
neighborhood shopping centers. A&B owns, operates, and manages
approximately 4.0 million square feet of commercial space in
Hawai'i, including 22 retail centers, 14 industrial assets, and
four office properties, as well as 142.0 acres of ground lease
assets. Over its 154-year history, A&B has evolved with the
state's economy and played a leadership role in the development of
the agricultural, transportation, tourism, construction,
residential and commercial real estate industries. Learn more about
A&B at www.alexanderbaldwin.com.
FORWARD-LOOKING STATEMENTS
Statements in this release
that are not historical facts are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and involve a number of risks and uncertainties that could cause
actual results to differ materially from those contemplated by the
relevant forward-looking statements. These forward-looking
statements include, but are not limited to, statements regarding
possible or assumed future results of operations, business
strategies, growth opportunities and competitive positions. Such
forward-looking statements speak only as of the date the statements
were made and are not guarantees of future performance.
Forward-looking statements are subject to a number of risks,
uncertainties, assumptions and other factors that could cause
actual results and the timing of certain events to differ
materially from those expressed in or implied by the
forward-looking statements. These factors include, but are not
limited to, prevailing market conditions and other factors related
to the Company's REIT status and the Company's business, the
evaluation of alternatives by the Company related to its non-core
assets and business, and the risk factors discussed in the
Company's most recent Form 10-K, Form 10-Q and other filings with
the Securities and Exchange Commission. The information in this
release should be evaluated in light of these important risk
factors. We do not undertake any obligation to update the Company's
forward-looking statements.
Media Contact:
Andrea
Galvin
agalvin@abhi.com
Investor Contact:
Jordan
Hino
jhino@abhi.com
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SOURCE Alexander & Baldwin, Inc.