Alexander & Baldwin Inc. said its real estate subsidiary had sold a Long Beach, Calif., shopping center after receiving an unsolicited offer from Regency Centers LP. It didn't disclose a sales price, though said it was "favorable."

The Honolulu-based company said it intends to re-invest proceeds in a replacement property via a tax-deferred exchange. It had owned the 6.7-acre Marina Shores Shopping Center on Pacific Coast Highway for six years.

The company said its A&B Properties portfolio now consists of 6.9 million square feet of retail, office and industrial space located in Hawai'i and eight Mainland states.