In real estate headlines from the pacific Rim area, the A&B Properties Firm, which is a sizeable real estate subsidiary of the Alexander & Baldwin Corp., sold Venture Oaks a few days ago, which is a rather huge commercial type building in Sacramento. They have officially sold this specific property to KBS City Gate Plaza, a Limited Liability Company, according to the media release.
It appears that they wish to place the various proceeds from this considerable sale to work, via a tax-deferrement rollover, in other commercial-realted properties that feature a better profit ceiling for them.
They are situated in the Gateway Ctr. district of South Natomas in the inland empire region of the golden state. This property’s primary tenant, occupying nearly 90% of the entire building, is the State Compensation Insurance Fund.
They will still have real estate on the garden island of Kauai, other localities in Hawaii and 8 other states around the country.
Incidentially, here is an aside about the outfit: A&B is centered in Honolulu, Hawaii and is involved in sea related transportation plus logistics services through their various subsidiaries. For example, for it’s real estate through the A&B Properties corporation and in food products through Hawaiian Commercial & Sugar Company and the Kauai Coffee Company (based in Hanapepe on the island of Kauai).
They have been involved in Kauai real estate for quite a while now. It is unknown as to whether or not intend will sell any of their Hawaii or Kauai real estate properties in the near future. My guess is that they likely will not at this point in time since they have issued no statements regarding these Hawaii and kauai properties in connection with their California sale so we will have to just wait and see.