HONOLULU — A&B Properties, Inc., the real estate subsidiary of Alexander & Baldwin, Inc., has acquired a newly constructed shopping center in Broomfield, Colo., for approximately $11 million.
Known as Broadlands Marketplace, the Safeway-anchored center serves the Broadlands master-planned community, which is located approximately 15 miles north of Denver.
Broadlands Marketplace contains a total of 95,250 square feet of space on a 12.46-acre fee-simple parcel, and is about 85 percent leased.
Along with Safeway, the tenants include Washington Mutual, Subway Sandwiches, UPS Store and State Farm Insurance. The center was acquired in a Section 1031 tax-deferred exchange, using proceeds from other properties sold by A&B earlier in the year.
“Broadlands Marketplace is an attractive, upscale retail property well-situated in an established, and growing, master-planned community,” said Norb Buclsing, A&B Properties’ executive vice president. “The center serves Broadlands’ 22 neighborhoods planned for 2,200 residents, with 90 percent of the homes scheduled to be completed by December 2004. By 2010, a 24 percent population growth in this community is expected.”
In 2002, the city of Broomfield experienced a 7 percent increase in housing count, making it the sixth-fastest-growing community in the United States, Buclsing added. “Broadlands Marketplace has a strong grocery anchor tenant and two additional features that position it well for improved performance. By the end of this year, the shopping center will benefit from improved access via a connection to a major tollway. In addition, there is an undeveloped site within the property that adds value to our investment.”
A&B Properties owns a portfolio of commercial properties in Hawai‘i and on the Mainland, consisting of more than five million square feet of leasable retail, office and industrial space. A&B Properties is an active real estate developer and investor, having completed numerous projects and investments throughout the state of Hawai‘i. Additional information on A&B Properties, Inc. may be found at its Web site, www.abprop.com
Alexander & Baldwin, Inc. (A&B), headquartered in Honolulu, owns 91,000 acres in Hawai‘i, making it the state’s fifth-largest private landowner.
A&B is engaged in real property development and management through its subsidiary A&B Properties, Inc, in transportation through its subsidiaries Matson Navigation Company, Inc. and Matson Intermodal System, Inc.; and in food products through Hawaiian Commercial & Sugar Company and Kauai Coffee Company, Inc.
Additional information about A&B may be found at its Web site: http://www.alexanderbaldwin.com.