A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc.,has announced the sale of the Ontario Distribution Center for $43 million according to a BusinessWeek article. The 898,400 square-foot, three-building industrial park sits on a 38 acre plot in Ontanrio, California and was originally purchased by A&B for $27 million in 2000. Major tenants include Home Depot, Best Furniture, Quill Corp., and Crothall Laundry Service.
Norbert Buelsing, president of A&B Properties said, "We achieved an exceptional 97 percent average occupancy during our 10-year ownership and realized favorable 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."
For more news and information visit Blumberg Capital Partners.
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