A&B paying $13 mil
for S. Calif mall

The purchase is part of
a big push into mainland
real estate markets

By Rick Daysog
Star-Bulletin

Alexander & Baldwin Inc. is buying a shopping center in Southern California for $13 million as part of a big push into the mainland real estate markets.

A&B said it has reached an agreement with Indian Well Investment Co. to acquire the 105,000-square-foot property, located in Indian Wells, Calif., near the resort town of Palm Desert.

"A&B continues to strengthen and geographically diversify its real estate investment portfolio with this acquisition," said John Couch, A&B's chief executive officer. "We consider it an attractive investment which should benefit from steady growth of the area."

Honolulu-based A&B said it plans to complete its purchase of the 14-year-old project in October. The company said it plans to finance the deal through the recent sale of some of its properties in Texas, Hawaii and Northern California.

The deal is A&B's sixth major land transaction in the last two years.

The company said it owns more than 2 million square-feet of retail, office and industrial space on the mainland.

The Village at Indian Wells is about 95 percent occupied with 36 tenants.

Tenants include Ralph's Grocery and Sav-On Drugs, the company said.