A&B acquires warehouse
The real estate subsidiary of Alexander & Baldwin Inc. has acquired a warehouse complex in Visalia, Calif., which is located about midway between Los Angeles/Long Beach and Oakland.
A&B Properties Inc. has acquired the Midstate 99 Warehouse Portfolio which comprises 790,370 square feet in four warehouses and distribution facilities with a with a mix of retail and wholesale tenants. Located in a 480-acre master-planned logistics park, it is 94 percent leased.
“Midstate extends our real estate investment strategy of acquiring logistics-oriented assets in emerging industrial markets,” said Norbert M. Buelsing, president of A&B Properties. “Tenants can easily reach their customers, more than 98 percent of California’s population, with overnight ground service, and more than 65 million people in an expedited, two-day truck run.