ONTARIO, CA-In its third deal in recent days, Honolulu-based Alexander & Baldwin Inc. bought a business and industrial center in Sparks, Nev. for $20.1 million and sold an industrial park in this Riverside County city for $6.3 million.

In the Sparks deal, near the Reno metropolitan area and approximately 20 miles northeast of Lake Tahoe, A&B subsidiary WDCI, Inc. for $20.1 million. The center comprises four buildings totaling 396,080 sf on 20.7 acres. The multi-tenant business park has access to air, rail and highway routes and was completed in 1998, A&B says. The nearby Reno-Tahoe International Airport is home to distribution facilities for UPS, FedEx and Emery, while Interstate 80/US 395 highways provide surface access to all major West Coast markets.

Major international tenants include Carrier Corp. (38,400 sf), the world’s largest manufacturer of heating, air conditioning and refrigeration systems; and Unique Industries (171,900 sf), a privately held company that manufacturers children’s merchandise for the United States, Canada and England, which recently signed a lease extension. Other industrial tenants include local and regional manufacturers, while office tenants include the City of Sparks and St. Mary’s Health Care Corporation, have office space in the facility.

In the Ontario deal, A&B sold the Day Creek Industrial Park to Americana Mobile Estates. The warehouse and industrial center comprises 147,319 sf on an 8.18-acre parcel. A&B bought the property in June 1999 and it is 100% occupied.

A&B Properties’ Norbert M. Buelsing, an executive vice president, says the company was not actively marketing the property, but a recent lease extension the company negotiated with Federal Express enhanced its value. A&B owns two other warehouse/industrial centers in Ontario: the Ontario Distribution Center and the Ontario-Pacific Distribution Center.

Including this latest acquisition, A&B Properties has a portfolio of 18 properties on the U.S. mainland and 26 commercial properties in Hawaii, comprising more than 5 million sf of retail, office and industrial space. In its other recent Southern California deal, the company sold the 135,000-sf Moulton Plaza in Laguna Hills for $20.5 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.