A&B Sells Colorado Shopping Center; Wheeler Square Associates, Inc. is Buyer of Market Square.Business Editors HONOLULU--(BUSINESS WIRE)--May 3, 2002 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) subsidiaries today completed the sale of Market Square 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 in Greeley, Colorado The City of Greeley is a home rule municipality in Weld County, Colorado, United States. According to 2006 Census Bureau estimates, the population of the city is 87,596.[4] to Wheeler Square Associates, Inc., an Aspen, Colorado-based independent real estate investor A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. , announced 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. The sales price for the 43,000-square foot center was not disclosed. Market Square was built in 1987 in the city of Greeley, about 50 miles north of Denver; Greeley is the home of the University of Northern Colorado  It has been suggested that this article or section be merged with and ()University of Northern Colorado (Northern Colorado) . The shopping center's major tenants include Chili's Grill and Bar, Blockbuster Video and Wells Fargo. Market Square had been purchased in June 1995 by A&B subsidiaries, A&B Properties, Inc. and WDCI, Inc. "Market Square has been a good investment for A&B, with occupancy averaging 98 percent over our six years of ownership," said Doane. "We received a full value offer and the timing was right to sell." Doane added, "We intend to reinvest the proceeds from this sale into other properties." After this sale, A&B's portfolio will consist of 17 properties in 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 and 26 properties on Maui, Kauai and Oahu. The company's income property portfolio now totals 4.5 million square feet of leasable space, with 3 million square feet on the Mainland and the balance in Hawaii. In the past three years, A&B Properties has made 13 acquisitions of or investments in Hawaii real estate, representing a total capital investment to date of over $200 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. Alexander & Baldwin, Inc., headquartered in Honolulu, is engaged in ocean transportation, through its subsidiary, Matson Navigation Company, Inc.; property development and management, through A&B Properties, Inc.; and 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. 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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