Alexander & Baldwin Acquires Washington Office Building for $19.7 Million

Alexander & Baldwin's Honolulu Headquarters

by Liviu Oltean, Associate Editor

Alexander & Baldwin has purchased an office building in Issaquah, Washington for $19.7 million. The two-story, 147,000-square-foot building is currently leased by Siemens. “The purchase of the Siemens Building is another example of our strategic reinvestment of Section 1031 tax-deferred proceeds from recent real estate sales into new assets with favorable appreciation prospects,” said Christopher J. Benjamin, president of A&B Properties. A&B Properties is the fourth largest private landowner in Hawaii, with over 87,000 acres primarily on the islands of Maui and Kauai. The company’s investment portfolio comprises about 8 million square feet of retail, office and industrial space located in Hawaii.

Also making the headlines is W.P. Carey & Co.’s addition to its portfolio of nine self-storage facilities: two facilities in Hawaii, four in California and three in Illinois. The storage facilities were purchased from A-American Self Storage for $46 million. The nine properties comprise of about 662,000 square feet. According to a press release, the storage facilities located in California and Hawaii will be managed by Extra Space Storage, while the others will be managed by SecurCare Self Storage.

“We’re pleased to further leverage our expertise in the self-storage space by adding these properties as a follow on to our recent acquisition of 24 storage properties,” said Trevor Bond, W.P. Carey’s President and CEO.

In other news, Honolulu’s City Council will vote Friday on Church of Jesus Christ-Latter Day Saints’ proposal to develop a 222-room hotel on the site of the former Laie Inn. If the proposal passes, the hotel will be branded as a Courtyard by Marriott Hotel, the Pacific Business News reports.