Alexander & Baldwin Inc. (NYSE: ALEX), the only publicly traded real estate investment trust to focus exclusively on Hawaii’s commercial real estate sector, has completed an off-market acquisition of an industrial property in Pearl City, Oahu for $29.7 million.
The 81,500-square-foot food distribution facility is fully leased to Hansen Distribution Group, a broadline food service subsidiary of C&S Wholesale Grocers. Its central location on Oahu provides ease of access to the Daniel K. Inouye International Airport, Honolulu Harbor and Honolulu’s urban core.
“We’re excited to add the Pearl City distribution facility as the newest asset to our portfolio. 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,” said Lance Parker, A&B president and CEO. “The asset is fully occupied under a long-term lease to an established food service provider that serves our local community, and it strengthens our position in Oahu’s tight industrial market and allows us to reinvest proceeds from the sales of assets into higher-yielding investments that enhance our portfolio and deliver long-term value. We expect this investment to be immediately accretive to Funds From Operations.”
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