A&B subsidiary buys neighborhood shopping center

HONOLULU (AP) - The real estate subsidiary of Alexander & Baldwin Inc. has acquired a 141,600-square-foot neighborhood shopping center in Sandy, Utah.

A&B Properties Inc. said Wednesday that it paid $20.5 million for Little Cottonwood Center. The purchase price included the assumption of a $6.4 million mortgage, at a 5.5 percent interest rate.

A&B Properties President Norbert M. Buelsing says the grocery-anchored shopping center has strong national and regional tenants. He says it's ideally located in a desirable, growing suburban community of Salt Lake City.

Buelsing calls the center "an attractive addition" to A&B's commercial income portfolio.

Headquartered in Honolulu, A&B is engaged in ocean transportation and logistics services, real estate and agribusiness.

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