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A&B sells Pearl City complex


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POSTED: Wednesday, June 24, 2009

Hawaii Business Park, a three-building warehouse complex in Pearl City, has been sold by a unit of Alexander & Baldwin Inc. to Honolulu-based Fergus & Co. LLC.

The price was not disclosed but was described yesterday by A&B Properties Inc. as “;favorable”; and at “;full market value.”; The sale closed yesterday.

“;During our ownership, we increased the property's net rent by 92 percent and maintained 100 percent average occupancy since 2002,”; said Norbert Buelsing, president of A&B Properties, in a statement.

The business park comprises three addresses — 96-1173, 96-1185 and 96-1197 — on Waihona Street within Pearl City Industrial Park.

It was built in 1983 and acquired by A&B in 1999. Situated on 5.1 acres, the industrial complex includes 85,200 square feet of commercial space, with tenants including Voyager Corp., Roger Hill Ltd. and Hill-Rom Co.

Mike Fergus, an owner of Fergus & Co., could not be reached for comment.

The sale continues A&B's “;core investment strategy,”; Buelsing said. The company plans to redeploy the proceeds “;on a tax-deferred basis into commercial property investments in other supply-constrained markets with strong growth prospects,”; he said.

Honolulu-based A&B Properties owns 8.4 million square feet of retail, office and industrial space in Hawaii and eight other states.