Posted at 10:39 a.m., Friday, October 26, 2007
A&B to buy Dallas industrial complex for $102 million
Advertiser Staff
Alexander & Baldwin Inc.'s real estate subsidiary, A&B Properties, said it has contracted to buy a Dallas industrial park for $102 million.The purchase is scheduled to be completed early next month using tax-deferred proceeds from several recent real estate sales.
A&B said the Texas property, which is next to Dallas-Fort Worth International Airport, represented a big investment with expansion potential.
The property, called Heritage Business Park, is a complex of seven buildings totaling 1.3 million square feet of warehouse space built on 83 acres from 1997 to 2002. Tenants occupy 98 percent of the space. The park also includes 28 acres of land that can be developed with about 400,000 square feet of additional warehouse space.
The acquisition will boost A&B's income-producing investment property portfolio to about 6.6 million square feet of retail, office and industrial space in Hawai'i and the Mainland.
A&B said Dallas is a familiar market for the company that first invested in the area in 1990. The company currently owns office and retail properties in the greater Dallas-Fort Worth area.
