A&B buys complex inStar-Bulletin staff
Calif. for $13.5 million
Alexander & Baldwin Inc. has acquired a seven-building industrial warehouse complex in Ontario, Calif., for $13.5 million as the company continues to build up its commercial real estate holdings.
The property, called the Ontario-Pacific Business Centre, has 246,700 square feet of leasable area on an 11.2-acre site, A&B said yesterday. It is a multitenant warehouse and distribution center with 31 leasable spaces, each with a private office.
The seller of the fully occupied property was the developer, Ontario-Pacific Business Centre.
W. Allen Doane, A&B president and chief executive officer, said the purchase continues the company's strategy of generating earnings from real estate investments in fast-growing areas. The company already has two properties in the area, inland from Los Angeles and not far from the Ontario International Airport.
A&B owns properties on the mainland and in Hawaii with a total of 4.25 million square feet of leasable space.