A&B Properties Completes Maui Land Sale.Business Editors HONOLULU--(BUSINESS WIRE)--March 25, 2003 Alexander & Baldwin, Inc. (Nasdaq:ALEX) announced that its real estate subsidiary, A&B Properties, Inc., closed today the sale, for about $9.2 million, of property consisting of a total of seven acres, in Kahului, Maui, to Fergus & Company. The property is located across Dairy Road from the Maui Marketplace (a 20-acre 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 developed within A&B's Maui Business Park) and is bounded by Hukilike Street and Papa Place. The parcel comprises a little less than half of the land area in the block, and had been developed previously. There currently are 21 tenants occupying the property, which is zoned industrial, allowing for a wide range of uses, including retail, light industrial and other businesses. "It is good to transfer ownership of this property to another Hawaii-based entity," said A&B 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. Allen Doane. "In keeping with our normal practice, we expect to reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. the proceeds of this sale shortly." A&B Properties, Inc. is the property development and management subsidiary of Alexander & Baldwin, Inc., which owns and manages approximately 91,000 acres in Hawaii -- making it Hawaii's fifth largest private landowner. These extensive land holdings include 68,000 acres on Maui and 22,000 acres on Kauai. The Company also has a portfolio of commercial income properties of more than five million square feet in Hawaii and the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . A&B's major lines of business are 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., Matson Intermodal Systems Specialized transportation facilities, assets, and handling procedures designed to create a seamless transportation system by combining multimodal operations and facilities during the shipment of cargo. See also intermodal; transportation system. , 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 2002 annual report to shareholders. These factors could cause actual results to differ materially from those projected in the statements. |
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