A&B Properties Acquires Second Development Site and Two Fully-Leased Office Buildings at Gateway at Mililani Mauka

&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin Holdings, Inc. ALEX, announced today that it has completed the acquisition of the Gateway at Mililani Mauka – South (Gateway South) property, a five-acre, fee-simple office complex that includes two fully-leased office buildings totaling 18,700 square feet and a 1.6-acre, fully entitled development site. A&B Properties purchased Gateway South from Castle & Cooke Homes Hawaii, Inc. for $11.4 million. The property is directly across the street from the Gateway at Mililani Mauka Shopping Center acquired by A&B Properties in December 2011. "The Gateway South acquisition furthers our strategy of opportunistically reinvesting 1031 tax deferred proceeds in high performing income producing properties with stable cash flow characteristics, while expanding our development pipeline with an in-fill opportunity. In this instance, we used proceeds from the sale of a Mainland industrial property and reinvested it into a Hawaii suburban office property in the attractive Mililani Mauka community in Central Oahu," said Christopher Benjamin, president of A&B Properties.