A&B Buys Retail Center in Long Beach, California; Marina Shores Shopping Center is 7th A&B Property in Southern California.Business Editors/Real Estate Writers HONOLULU--(BUSINESS WIRE)--May 21, 2002 Alexander & Baldwin, Inc. (A&B) (Nasdaq:ALEX) continues to expand its income property portfolio with the purchase of the Marina Shores retail center in Long Beach, Calif. from Rich/Koenig Marina, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control for $19.55 million, announced A&B President and Chief Executive Officer Allen Doane. Marina Shores is located on the well-traveled Pacific Coast Highway Pacific Coast Highway may refer to:
Marina Shores comprises three buildings with 67,727 square feet of gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. on 6.7 fee simple acres. The shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into was completed in the past year and is 100% occupied. The center's major tenants are Wild Oats Market, Petco and Boaters World Marine Center. Other tenants include Imaginarium, Marble Slab Creamery Marble Slab Creamery is a chain of franchised and company-owned stores specialising in ice cream and other dessert specialties, with 541 stores throughout the United States, Canada, Puerto Rico and the United Arab Emirates. A subsidiary of NexCen Brands, Inc. , Quizno's Classic Subs and Supercuts. A free-standing restaurant is operated by Mimi's Cafe. "Marina Shores is an excellent neighborhood shopping center, possessing a number of strong attributes, including a superior location, excellent visibility and high levels of traffic from nearby upscale oceanside and marina communities," said Norbert Buelsing, executive vice president of A&B Properties. "Its close proximity to the Long Beach Marina attracts both recreation and tourist customers, and it has a good tenant mix with a high proportion of national and regional retailers. The center is new, and an attractive and welcomed addition to the community." The Long Beach Marina, immediately to the rear of the center, is one of California's larger public marinas. The Marina hosts numerous boating events, including major races such as the Transpac and the Congressional Cup. Nearby affluent resort communities of Belmont Shores, Naples Island and Alamitos Bay are within the immediate trade area of the Center. Buelsing added, "Grocery-anchored shopping centers, providing basic goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. to established residential neighborhoods, are a solid investment choice that provide stable returns even during periods of economic fluctuation." Marina Shores is located about a mile north of Seal Beach Seal Beach, city (1990 pop. 25,098), Orange co., S Calif., on the Pacific coast; inc. 1915. It is a beach city with an active art colony. Transportation equipment and concrete are among the city's manufactures. U.S. naval stations are nearby. and within two miles of California State University Enrollment  at Long Beach. It is
bounded by three roadways: the Pacific Coast Highway, Studebaker Road
and East Marina Drive; and three major freeways intersect one mile north
of the property: the I-605 (San Gabriel Valley The San Gabriel Valley is one of the principal valleys of southern California. It lies to the east of the city of Los Angeles, to the north of the Puente Hills, to the south of the San Gabriel Mountains, and to the west of the Inland Empire. ), the I-405 (San Diego)
and CA-22 (Garden Grove).
Including this latest acquisition, A&B Properties has a portfolio of 26 commercial properties in Hawaii and 17 on the U.S. Mainland, comprising more than 4.6 million square feet of leasable retail, office and industrial space (3.1 million square feet on the Mainland and the balance in Hawaii). In the past three years, A&B Properties has acquired 17 commercial and development properties, representing a total capital investment of over $220 million. Additional information may be found at its web site: www.abprop.com. A&B Properties, Inc. is the property development and management subsidiary of Alexander & Baldwin, Inc., a diversified corporation headquartered in Honolulu. A&B owns 91,000 acres in Hawaii, making it Hawaii's fifth largest private landowner. A&B's major lines of business are ocean transportation (Matson Navigation Company Matson Navigation Company, a subsidiary of Alexander & Baldwin, is a private ocean transportation company with roots extending into the late 19th century. It is credited with introducing mass tourism to Hawaii with the opening of the Moana Hotel (now known as the Moana Surfrider Hotel) , Inc.); property development and management (A&B Properties, Inc.); and food products (Hawaiian Commercial & Sugar Company, Kauai Coffee Company). 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 that involve a number of risks and uncertainties such as those described on page 19 of the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , which is incorporated in the Company's 2001 annual report to shareholders. These factors could cause actual results to differ materially from those projected in the statements. |
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