Alexander & Baldwin unit acquires Savannah logistics complex

Alexander & Baldwin unit acquires Savannah logistics complex A&B Properties Inc., the real estate subsidiary of Honolulu, Hawaii-based Alexander & Baldwin Inc., has entered into a contract to purchase the under construction one million square-foot Savannah Logistics Center for about $50 million from Oakmont Industrial Group.
   Alexander & Baldwin said the deal will be funded primarily using proceeds from recent and pending real estate sales, including various tax-deferred sources, and is expected to be concluded in the first quarter of 2008, once construction is complete.
   Alexander & Baldwin is engaged in ocean transportation and logistics services, through its subsidiaries, Matson Navigation and Matson Integrated Logistics.
   “Including this acquisition, over three-fourths of A&B Properties’ industrial holdings will be aligned with the considerable logistics expertise and market penetration resident in our transportation businesses, Matson Navigation and Matson Integrated Logistics,' said Allen Doane, Alexander & Baldwin’s chairman and chief executive officer. 'In addition, we believe Savannah has tremendous potential as a key East Coast port, with strong government support and a growing distribution hub that will augment our investment returns.”