Alexander & Baldwin Strengthens Industrial Portfolio with New Acquisition
Alexander & Baldwin Expands Industrial Property Reach
A recent strategic move by Alexander & Baldwin, Inc. (NYSE: ALEX), known as A&B, marks a significant step in expanding its industrial footprint. The company has acquired an impressive 81,500-square-foot food distribution facility in a deal valued at $29.7 million. This acquisition aligns seamlessly with A&B's focus on enhancing its commercial real estate portfolio in Hawai'i.
Details of the Acquisition
The newly acquired facility is located in Pearl City, a pivotal area in O'ahu. Fully leased to Hansen Distribution Group, a broadline food service subsidiary of C&S Wholesale Grocers, the facility plays a crucial role in supporting local supply chain needs. Its advantageous location grants easy access to essential transport links, such as the Daniel K. Inouye International Airport and Honolulu Harbor, crucial for efficient distribution operations.
Strategic Vision Behind the Move
A&B's president and CEO, Lance Parker, expressed enthusiasm for this addition to their portfolio. "This facility represents not just an acquisition but a vital part of our strategy to enhance our holdings in Hawai'i’s commercial real estate sector. It is fully occupied under a long-term lease, reinforcing our commitment to providing essential services to the community and maximizing our investment potential," remarked Parker.
The Importance of Long-Term Leases
The long-term lease agreement with an established food service provider is particularly significant. It helps solidify A&B’s presence in O'ahu's competitive industrial market. Parker reiterated how important these strategic investments are, stating, "This acquisition strengthens our position and allows us to reinvest proceeds from prior asset sales into opportunities that generate long-term value. We anticipate immediate positive impacts on our Funds From Operations (FFO)."
About Alexander & Baldwin, Inc.
As the only publicly traded real estate investment trust (REIT) solely focused on Hawaii's commercial real estate, Alexander & Baldwin, Inc. (NYSE: ALEX) is a leading player in the market. The company boasts a vast portfolio, consisting of approximately 4 million square feet of commercial space across 22 retail centers, 14 industrial assets, and 4 office properties, alongside significant ground lease holdings extending over 142 acres.
A&B’s Role in Hawaii’s Economic Landscape
Over the course of its 154-year history, A&B has been at the forefront of providing economic growth in various sectors, including agriculture, tourism, and commercial real estate development. With its extensive expertise and deep understanding of the local market, A&B has evolved to meet the community's changing needs while maintaining a strong commitment to sustainable practices and community engagement.
Media and Investor Contacts
For further details, media inquiries can be directed to Andrea Galvin at agalvin@abhi.com. Investor-related questions should be sent to Jordan Hino at jhino@abhi.com.
Frequently Asked Questions
What is the recent acquisition made by Alexander & Baldwin?
Alexander & Baldwin has acquired an 81,500-square-foot food distribution facility in Pearl City for $29.7 million.
Who is the tenant in the newly acquired property?
The property is fully leased to Hansen Distribution Group, a subsidiary of C&S Wholesale Grocers.
What are the strategic benefits of this acquisition?
The acquisition enhances A&B's commercial real estate portfolio and provides immediate value through a long-term lease with a reliable tenant.
How does this acquisition align with A&B’s business strategy?
This move aligns with A&B’s focus on expanding its presence in retail, industrial, and ground lease assets, reinforcing its position in the Hawaii market.
How large is A&B's overall commercial portfolio?
A&B operates approximately 4 million square feet of commercial space, including various types of properties across the state.
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