Real Estate News:A&B Properties Sells Sacramento Building
In investment related news, the A&B Properties Corporation, which is a large real estate subsidiary of the Alexander & Baldwin Corporation,
has just sold Venture Oaks, which is a large (100,000 square-foot, 5-story) office structure in Sacramento. They have officially sold this particular property to KBS City Gate Plaza, Limited Liability Company, according to the press release.
All in all, they intend to put the proceeds from this sale to work, on a tax-deferred rollover, in replacement properties which have a higher profit ceiling overall.
They are located in the Gateway Ctr. district of South Natomas in the inland empire. The commercial property’s main tenant, occupying almost ninety percent of the building, is the State Compensation Insurance Fund, according to the report.
They will still have real estate in Kauai, Hawaii plus 8 additional states, including Sacramento.
By the way, here are a few facts about this firm: A&B is headquartered in Honolulu, Hawaii and is engaged in ocean transportation as well as logistics services through its subsidiaries. Specifically, for it’s real estate through the A&B Properties corporation and in food products through Hawaiian Commercial & Sugar Company plus the Kauai Coffee Company, Corporation.
They have been involved in Kauai real estate for some time. It is not known at this time if they will sell off any of their Hawaii or Kauai real estate holdings any time soon. They have issued no statements about their Hawaii and kauai holdings in connection with their Sacramento sale so we will have to wait and see.
