A&B Continues Hawaii Expansion, Announces New Acquisition; Office Building on Corner of Kapiolani and Keeaumoku.Business Editors HONOLULU--(BUSINESS WIRE)--Nov. 2, 2000 Alexander & Baldwin, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ALEX) has entered into a purchase agreement to acquire the Pacific Guardian Tower from Tosei Properties, Inc. The high-quality, 18-story office building contains 124,000 square feet of office and ground floor retail space. Also being acquired as part of the purchase is an adjacent two-story building from a separate owner. Together, the two properties have a land area of 46,000 square feet. The Pacific Guardian Tower is 98% occupied, with major tenants being Pacific Guardian Life, Cheap Tickets and Territorial Savings. W. Allen Doane, A&B's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said, "The purchase is scheduled to close by January. The property is one of the most attractive and well-constructed new buildings in Honolulu. It could not be better located as it is directly across from Ala Moana Ala Moana in the Hawaiian language means path to the sea. It is the name of a commercial, retail and residential district of Honolulu, Hawai‘i nestled between Waikīkī to the east, Kaka‘ako and Honolulu Harbor to the west. 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 , on the corner of Kapiolani and Keeaumoku, and next to the proposed new Wal-Mart development." Both parties have agreed to keep the terms of the agreement confidential. "This will be A&B's ninth real estate acquisition in Hawaii since November 1998. A&B is investing in Hawaii because we believe in Hawaii and its future," said Doane. Recent acquisitions on Oahu include three office buildings (Ocean View Center, Haseko Center and the Judd Building); a Pearl City Pearl City A village of Hawaii on Pearl Harbor in southern Oahu. It was severely damaged during the attack on Pearl Harbor (December 7, 1941). Population: 32,000. warehouse complex (Hawaii Business Park); and a light industrial park in Waipahu (Mill Town Business Center). On Maui, three land parcels were acquired in Kaanapali, two for residential development (The Vintage and The Summit) and one for retail development (The Fountain at Kaanapali). With the conclusion of this transaction, A&B's Hawaii portfolio will grow to 23 commercial properties and the company's portfolio of commercial properties in Hawaii and on the U.S. mainland will grow to 5.3 million square feet of leasable retail, office and industrial space. Alexander & Baldwin, Inc. is a diversified diversified (di·verˑ·s corporation headquartered in Honolulu. 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. |
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