"The selective sale of this mature asset in our portfolio, a well-located shopping center, takes advantage of the continuing strength of real estate in the Southern California economy," said A&B president and chief executive Allen Doane. "We expect to reinvest these funds in new real estate acquisitions, as part of our ongoing strategy to grow our real estate business."

In February, A&B sold a large industrial complex in Texas, which it had originally purchased in 1990, and in May, sold a Greeley, Colo., shopping center it had purchased in 1995. Also in May, the company purchased a Long Beach, Calif., shopping center.

Most of A&B's recent acquisition and investment activity has been focused on Hawai'i where, over the past four years — through its real estate subsidiary, A&B Properties Inc. — the company has acquired or invested in 15 commercial or development properties.

AT&T Wireless gets Kaua'i

AT&T Wireless, the third-biggest U.S. carrier, will acquire Cingular Wireless' operations on Kaua'i, the companies said yesterday.

The move was one of several license swaps AT&T Wireless Services Inc. and Cingular Wireless LLC announced, saying they would enable both mobile-phone companies to carry calls in larger areas of the country.

AT&T Wireless will also gain licenses in Alabama, Idaho, Oklahoma and Mississippi. Cingular Wireless, the No. 2 U.S. mobile carrier, gains licenses in five Southern states.