Alexander & Baldwin Inc. said it has sold a Phoenix office building and a Maui ground lease parcel for undisclosed prices.

The sales through subsidiary A&B Properties Inc. will provide A&B capital to buy other attractive commercial property on a tax-advantaged basis, according to the Honolulu-based firm.

The Maui sale involved a 37,300-square-foot parcel within the Fairgrounds' industrial park in central Kahului developed by A&B in the early 1990s. A tenant leasing the property bought the fee-simple interest. The buyer was not named.

The Phoenix building named Southbank II is a single-story property with 120,800 square feet of office space built in 1997. A&B bought the building in 1998.

A&B said Southbank II was a stable operation with recent long-term lease deals that provided for a sale at a "favorable" price. The buyer was not named.