A&B Properties sells distribution centre in Ontario, California
A&B Properties, the real estate subsidiary of Alexander & Baldwin, has sold the Ontario Distribution Center, a 898,400 square-foot, three-building industrial park located on 38 acres in Ontario, California, for USD43m.
A&B purchased the property in 2000 for USD27m.
"Located in the heart of the Inland Empire, Ontario Distribution Center has been a good investment for A&B," says Norbert M. Buelsing, president of A&B Properties. "We achieved an exceptional 97 per cent average occupancy during our ten-year ownership and realised favourable pricing for the property. Consistent with our real estate investment strategy, we anticipate reinvesting the proceeds from this sale, through a tax-advantaged 1031 transaction, into other commercial real estate investments with good growth prospects."
With the sale of this property, A&B Properties' commercial property/investment portfolio consists of 7.5 million square feet of retail, office and industrial space located in Hawaii and seven US mainland states.