Alexander & Baldwin Inc., ending a busy year in its commercial real estate activities, said yesterday it bought a warehouse-industrial property in Nevada for $20.1 million. A&B buys Nevada
industrial property
By Russ Lynch
rlynch@starbulletin.comThe Sparks Business Center in Sparks, a city close to Reno and about 20 miles northeast of Lake Tahoe, consists of four buildings with nearly 400,000 square feet of leasable area on 21 acres. It is near the Reno-Tahoe International Airport, A&B said.
The company also announced it sold an industrial property in Southern California for $6.3 million. The Day Creek Industrial Park, close to Ontario, Calif., and containing more than 147,000 square feet of leasable space on 8.2-acres, was sold to Americana Mobile Estates, said A&B. The Hawaii company purchased the property, which it said is 100 percent occupied, in mid-1999 for $5.3 million.
Nearly two weeks ago, A&B sold the 135,000-square-foot Moulton Plaza in Laguna Hills, Calif., for $20.5 million.
Earlier this year, A&B bought the Mililani Shopping Center for $30.2 million and a retail center in Long Beach, Calif., for $19.6 million. It sold a shopping center in Colorado and an industrial complex in Texas.
"We've shown we've been active. We continue to look for good opportunities," said Norbert M. Buelsing, executive vice president of the real estate subsidiary A&B Properties. Buelsing said the newly acquired Sparks Business Center is more than 90 percent occupied.
The latest acquisition in Nevada has some major international tenants, including air conditioning and heating equipment manufacturer Carrier Corp., with 38,400 square feet, and Unique Industries, which occupies 172,000 square feet manufacturing party and children's merchandise, A&B said.
In the first nine months of this year, Honolulu-headquartered A&B had property sales revenues of $61 million and leasing revenues of $54 million, producing an operating profit of nearly $40 million from property sales and leasing.
