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ALEX > SEC Filings for ALEX > Form 8-K on 7-Jan-2014All Recent SEC Filings

Show all filings for ALEXANDER & BALDWIN, INC.



Other Events

Item 8.01. Other Events.

On January 6, 2014, Alexander & Baldwin, Inc. (the "Company") closed the sale of Maui Mall in Kahului, Maui. In December 2013, the Company also closed the sales of select retail and industrial commercial properties it owned on the Mainland U.S. Those properties include: Activity Distribution Center (California), Savannah Logistics Park (Georgia), Heritage Business Park (Texas), Rancho Temecula (California), Broadlands Marketplace (Colorado), and Meadows on the Parkway (Colorado). These sales, including the sale of Maui Mall, generated sales proceeds of $330 million, and had a blended disposition cap rate of 6.2%. Net proceeds from these sales were used to fund, in qualifying forward or reverse 1031 transactions, the Company's $373 million acquisition of properties located in Kailua, Oahu, and other locations in the state, which closed on December 20, 2013, as disclosed in the Company's Form 8-K filed on December 20, 2013. Approximately $12 million of the $373 million acquisition price was funded by the assumption of existing mortgage debt, and most of the balance of the acquisition price has been or is expected to be funded by other 1031 sales proceeds.

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