Alexander & Baldwin Expands Industrial Presence with New Acquisition
A New Chapter in Industrial Expansion
Alexander & Baldwin, Inc. (NYSE: ALEX), a prominent player in the commercial real estate market of Hawai'i, has made a significant move by acquiring an industrial property that marks an exciting development in their ongoing growth strategy. This strategic acquisition reflects a commitment to enhancing their industrial footprint within the dynamic real estate landscape of the region.
Details of the Acquisition
This latest addition is an impressive 81,500-square-foot food distribution facility located in Pearl City, O'ahu. The property was acquired for $29.7 million through an off-market deal. Currently, the facility is fully leased to Hansen Distribution Group, a respected subsidiary of C&S Wholesale Grocers. This partnership not only secures a reliable long-term tenant but also positions Alexander & Baldwin to benefit from the operational efficiencies that come with a strong food service provider.
Strategic Location and Benefits
The strategic location of this facility is a pivotal factor for both the company and its tenant. Situated conveniently near the Daniel K. Inouye International Airport and Honolulu Harbor, this site offers exceptional logistical advantages. Its proximity to Honolulu's urban core facilitates efficient distribution channels, ensuring that Hansen Distribution can effectively serve its clients.
Vision for Growth
In a statement from Lance Parker, President & CEO of A&B, he expressed enthusiasm about this new addition to their portfolio. He stated, "This acquisition aligns with Alexander & Baldwin's strategy to expand our commercial real estate portfolio in Hawai'i, focusing on retail, industrial, and ground lease assets." This insight underscores A&B's broader objective to strengthen its position within O'ahu's competitive industrial market.
Enhancing Shareholder Value
A&B's vision transcends mere acquisition; it encompasses a plan to reinvest proceeds from previous asset sales into higher-yielding investments. This particular acquisition is expected to provide immediate benefits, as it is anticipated to be accretive to the company’s Funds From Operations (FFO), enhancing overall shareholder value.
About Alexander & Baldwin
As the only publicly-traded real estate investment trust dedicated exclusively to Hawai'i commercial real estate, Alexander & Baldwin holds a unique position in the market. The company boasts a substantial portfolio, managing approximately 4.0 million square feet of commercial space, which includes 22 retail centers, 14 industrial properties, and four office buildings. A&B also oversees 142 acres of ground lease assets. Throughout its 154-year history, A&B has continually adapted to the evolving economic landscape of Hawai'i, playing a pivotal role in several industries, including agriculture, transportation, and commercial real estate development.
Contact Information
For further inquiries, interested parties can reach out to Andrea Galvin, the media contact, or Jordan Hino, the investor relations representative. This commitment to transparency and accessibility reinforces A&B’s dedication to engaging with their stakeholders effectively.
Frequently Asked Questions
What type of property did Alexander & Baldwin acquire?
A&B acquired a food distribution facility in Pearl City, O'ahu, measuring 81,500 square feet.
How much did A&B invest in this new facility?
The acquisition was completed for $29.7 million.
Who is the tenant of the acquired property?
The facility is fully leased to Hansen Distribution Group, a subsidiary of C&S Wholesale Grocers.
What are the expected benefits of this acquisition?
This acquisition is anticipated to enhance shareholder value and reinforce A&B's position within the competitive industrial market of O'ahu.
What is the focus of Alexander & Baldwin in their real estate portfolio?
A&B concentrates on expanding its commercial real estate portfolio across retail, industrial, and ground lease assets in Hawai'i.
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