Posted on: Thursday, March 20, 2003

A&B purchases shopping center in Texas for $23.1 million

By Andrew Gomes
Advertiser Staff Writer

Alexander & Baldwin Inc. has added an Austin, Texas, shopping center to its real estate portfolio of mostly Hawai'i properties.

The Honolulu company announced yesterday that it bought Boardwalk Shopping Center from CIN Boardwalk LP for $23.1 million.

The 100 percent leased property was built in 1996 and has 29 tenants occupying 184,600 square feet of space, about the same size as Maui Mall, which A&B developed, or half the size of Pearl Highlands Center on O'ahu.

The purchase follows two A&B sales last year of shopping centers in California and Colorado, and purchases of retail centers in Mililani and California.

"We continue to work aggressively to expand and balance our income-producing portfolio with well-located, high-quality properties, such as Boardwalk," said Allen Doane, A&B president and chief executive officer.

A&B now owns 19 Mainland properties, including eight shopping centers, and 29 properties in Hawai'i, totaling about 5.2 million square feet of leasable retail, office and industrial space.