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Alexander & Baldwin Inc. said its real estate subsidiary has sold a three-building industrial park in Southern California for $43 million.
A&B purchased the 898,400 square-foot Ontario Distribution Center in 2000 for $27 million.
“Located in the heart of the Inland Empire, Ontario Distribution Center has been a good investment for A&B,” said Norbert Buelsing, president of A&B Properties.
He said the facility had an 97 percent average occupancy during the company’s 10-year ownership, which allowed it to realize “favorable pricing for the property.”
With the sale of this property, A&B Properties’ portfolio of commercial properties now stands at 7.5 million square feet of retail, office and industrial space located in Hawaii and seven U.S. mainland states.
A&B’s share were down 3 cents at $34.96 in afternoon trading on the New York Stock Exchange.
