A&B Takes Savannah Logistics Center
- Apr 17, 2008
Alexander & Baldwin Inc. has closed on the acquisition of the Savannah Logistics Center, a one million-square-foot industrial park. The seller was Oakmont Industrial Group. The company has also leased the majority of the facility, through its Matson Global Distribution Services subsidiary to a toy manufacturer for its southeast U.S. logistics operations. The deal extends the firm’s geographic reach to one of the busiest and fastest growing ports in the country, A&B Chairman & CEO Allen Doane said in a statement. It is the first real estate investment for Alexander & Baldwin east of the Mississippi and was completed using proceeds from recent and pending real estate sales, including various tax-deferred sources. Matson Global leased 711,000 square feet at the Center from A & B Properties as part of a multi-year agreement to provide logistics, warehouse and distribution services. Matson Global was established in 2007 as a subsidiary of Matson Integrated Logistics, the 10th largest logistics company in the United States and a subsidiary of Matson Navigation Co., to provide third-party logistics services that include warehousing, distribution, and freight forwarding throughout the domestic United States and internationally, especially Asia. With the acquisition, the Company’s real estate subsidiary, A&B Properties, Inc., commercial property/investment portfolio now comprises 7.6 million square feet of retail, office and industrial space located in Hawaii, where it owns 25 properties, and eight mainland states, where it owns 23 properties.