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A&B buys Centennial Plaza in Salt Lake for $8 million

Honolulu-based A&B Properties Inc. said Thursday it has acquired the three-building Centennial Plaza industrial complex in Salt Lake City for $8 million.

The property is 3 miles south of Salt Lake City International Airport. It contains 244,000 square feet of leasable space on a 14.6-acre parcel that is about 90 percent leased. It was acquired in a tax-deferred exchange, using proceeds from other properties sold by A&B earlier in the year.

The acquisition is A&B's first in Utah. The company owns commercial properties in Hawaii and on the U.S. mainland, consisting of more than 5 million square feet of leasable retail, office and industrial space.

A&B Properties Inc. is the real estate subsidiary of Alexander & Baldwin Inc., which owns 91,000 acres in Hawaii. In addition to real property and development and management through A&B Properties, it is involved in transportation through subsidiaries Matson Navigation Co. Inc. and Matson Intermodal Co. Inc., and in food products through Hawaiian Commercial & Sugar Co. and Kauai Coffee Co. Inc.