Posted at 6:42 p.m., Tuesday, October 25, 2005
A&B sells two office buildings
Associated Press
Alexander & Baldwin Inc. today completed the sale of two downtown Honolulu office buildings for a total of $25.5 million, the company announced.Combined, Haseko Center and Oceanview Center have about 183,000 square feet of space and more than 500 parking stalls. They were bought by Arroyo Realty Partners of Los Angeles and its investment partner REDICO of Southfield, Mich.
A&B subsidiary WDCI Inc. acquired both eight-story properties in 1999. They are situated on leasehold land owned by three entities.
"At the time we acquired these properties we anticipated Honolulu office values would improve due to the absence of new construction and an expectation of an improved economy," said Norbert Buelsing, A&B Properties' executive vice president in charge of A&B's leased portfolio.
"We have received an attractive offer to purchase, and plan to reinvest the proceeds in other income-producing real estate either in Hawaii or on the mainland, as part of our ongoing strategy to grow our real estate business," he said.
