The property acquired by HRPT Properties Trust includes 41 parcels that are 95 percent leased to about 60 tenants for an average remaining lease term of 15 years.

HRPT estimates that the current annual net operating income from the property will be $8.7 million. The acquisition will boost HRPT's industrial land holdings on O'ahu to 412 acres, making it one of the largest industrial land owners in the state. In 2003, the company bought 224 acres of industrial property between Honolulu Harbor and the airport from the Damon Estate for $480 million.

The Damon land acquisition was the largest ever for HRPT, a publicly traded real estate investment trust that owned primarily Mainland office buildings worth $4.7 billion at the end of last year.

The Campbell Industrial Park land was purchased from the Estate of James Campbell and its affiliates.

Real estate investment trusts are companies, usually publicly traded, that manage a portfolio of real estate to earn profits for investors. Because the trusts must distribute most of their earnings, they tend to pay high yields of 5 percent to 10 percent or more.

Pride of America to be christened

NCL America said its new Pride of America cruise ship will be christened on Friday by Elaine Chao, U.S. secretary of labor, the Miami-based company said today.