The real estate subsidiary of Alexander & Baldwin Inc. has sold a 184,000-square-foot shopping center in Texas, the latest in a string of transactions involving the company's growing commercial real estate portfolio.

The sale of the Boardwalk Shopping Center by A&B Properties closed on Thursday. Terms of the deal were not disclosed. Major tenants at the center in Round Rock, about 20 miles north of Austin, include PetsMart, Office Max, Ross Dress for Less, Party City and Dollar Tree.

"Active management of this property and the timing of its disposition allowed A&B to realize the enhanced value created during our ownership of the asset," said Norb Buelsing, executive vice president of A&B properties.

A&B properties will invest a portion of the proceeds in a previously acquired warehouse facility in Savannah, Ga., with the balance to be reinvested in other properties, the company said in a news release.

The transactions are being done through a so-called Section 1031 exchange, in which investors may defer capital gains taxes on one piece of property until they buy a similar property.

Following the sale of the Texas shopping center, A&B Properties' commercial real estate portfolio stands at 45 properties — 22 in Hawai'i and 23 in eight Mainland states — with a total size of 7.3 million square feet.

A&B Properties began expanding its commercial real estate nearly 20 years ago, acquiring six or seven properties during an 18-month span in 1989 and 1990, Buelsing said. In recent years the portfolio grew from about 5 million square feet in 2002 to its current 7.3 million square feet.

The company earlier this year completed its first acquisition east of the Mississippi, spending nearly $50 million to buy the Savannah Logistics Center from Atlanta-based Oakmont Industrial Group.

To help expand its property acquisition and development activity on the Mainland, A&B Properties last year opened an office in Orange County, Calif. The company sold four commercial properties in Valencia, Calif., last year in transactions totalling nearly $26 million.

Alexander & Baldwin is Hawai'i's fourth-largest private landowner, with a wide array of projects on some of the 89,000 acres it owns in the state. Other A&B units include Matson Navigation Co., Hawaiian Commercial & Sugar Co., and Kauai Coffee Co.