A&B Properties to Acquire Savannah Logistics Center.Links Matson Integrated Logistics' Prowess with Industrial Real Estate Expertise HONOLULU -- A&B Properties, Inc., the real estate subsidiary of 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 contract to purchase from Oakmont Industrial Group a one million square-foot state of the art industrial complex currently under construction in Savannah, Georgia Savannah is a city located in (and the county seat of) Chatham County, Georgia (USA). The city's population was 128,500 in 2005, according to the most recent U.S. Census estimate. Savannah was the first colonial and state capital of Georgia. , extending the company's reach to a burgeoning eastern port, further linking A&B's real estate and logistics businesses. The nearly $50 million transaction for Savannah Savannah, city, United States Savannah, city (1990 pop. 137,560), seat of Chatham co., SE Ga., a port of entry on the Savannah River near its mouth; inc. 1789. Logistics Center will be funded primarily using proceeds from recent and pending real estate sales, including various tax-deferred sources, and is expected to be concluded in the first quarter of 2008, once construction is complete. "This acquisition underscores our concerted strategy of diving deeper into our customers' value and supply chain," said A&B Chairman 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. "Including this acquisition, over three-fourths of A&B Properties' industrial holdings will be aligned with the considerable logistics expertise and market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" resident in our transportation businesses, Matson Navigation and Matson Integrated Logistics. In addition, we believe Savannah has tremendous potential as a key East Coast port, with strong government support and a growing distribution hub that will augment our investment returns." Over the last five years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Port of Savannah The Port of Savannah is a major United States of America seaport, located in Savannah, Georgia, just up the Savannah River from the Atlantic Ocean and is operated by the Georgia Ports Authority. has become the fifth busiest container port in the United States and the second largest by volume on the East Coast, having grown its container throughput by an average of 15 percent per year, in lockstep lock·step n. 1. A way of marching in which the marchers follow each other as closely as possible. 2. A standardized procedure that is closely, often mindlessly followed. Noun 1. with the dramatic rise of U.S. trade with China. The Georgia Port Authority, which owns and operates the port, forecasts that total container volume will double by 2015, to four million TEUs. Norbert Buelsing, A&B Properties' executive vice president in charge of the company's income portfolio, added, "We see a very good opportunity that marries our development and property management expertise in the industrial arena with the logistics acumen of our sister company, Matson Integrated Logistics. This combination of real estate and logistics expertise will create a unique value proposition for tenants and customers alike." With the acquisition, A&B's leased income/investment portfolio will consist of approximately 7.6 million square feet of retail, office and industrial space located in Hawaii (25 properties) and throughout the mainland United States (23 properties). About Alexander & Baldwin: Alexander & Baldwin, Inc., headquartered in Honolulu, Hawaii is engaged in ocean transportation and logistics services, through its subsidiaries, 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. and Matson Integrated Logistics, Inc.; 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. A&B Properties is Hawaii's fourth largest private landowner; its diverse pipeline of projects is located on some of the 89,000 acres it owns in Hawaii, or on lands more recently acquired or being developed in joint ventures with third parties, including projects on Oahu, Maui, Kauai, the Big Island and in California. Additional information may be found at web site: www.abprop.com. The seller, Oakmont Industrial Group, is a fully integrated developer of industrial real estate headquartered in Atlanta, Georgia. Additional information may be found at web site: http://www.oakmontre.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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 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. 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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