Updated at 3:43 p.m., Tuesday, November 6, 2007
A&B sells fourth Valencia, Calif., commercial property
Advertiser Staff
Alexander & Baldwin Inc.'s real estate subsidiary has sold a commercial building in Valencia, Calif., for $6.9 million, the fourth Valencia property A&B has sold this year.A&B Properties Inc. sold the 51,000-square-foot building to Layton Belling Associates, an Irvine, Calif.-based real estate investment and management firm.
The building, occupied by electronic products developer Vista Controls, was A&B's first real estate investment in Valencia when the company bought the property from an affiliate of Valencia-based Intertex Co. in 2003.
A&B, Hawai'i's fourth-largest private landowner, holds other Valencia investments, including a 120,000-square-foot shopping center nearing completion with Intertex, but has been selling much of its assets in the master-planned community within Los Angeles County.
The three other A&B Valencia property sales earlier this year were parcels within two shopping centers developed by A&B and Intertex that sold for a combined $18.9 million.
Other Valencia property sales by A&B were a $20.8 million office building in 2005, and a $4 million vacant commercial parcel last year.
Michael Wright, A&B Properties senior vice president, said the partnership with Intertex has been and continues to be strong. "These sales optimize A&B's investment within a relatively short cycle and demonstrate that our business model of investments and joint venture commercial developments in southern California is bearing fruit."
