A&B sells Calif. warehouse property
A&B Properties, the real estate subsidiary of Alexander & Baldwin, said Friday it has sold its 898,400 square-foot, three-building industrial park located on 38 acres in Ontario, Calif., for $43 million.
A&B bought the property 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 M. Buelsing, president of A&B Properties, in a statement. “We achieved an exceptional 97 percent average occupancy during our 10-year ownership and realized favorable pricing for the property.”
With the sale of this property, A&B Properties’ commercial property/investment portfolio consists of 7.5 million square feet of retail, office and industrial space located in Hawaii and seven U.S. mainland states.