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Alexander & Baldwin unloads Calif. industrial complex for $33M

Alexander & Baldwin Inc. sold Midstate 99 Distribution Center in Visalia, Calif., for $33.4 million to G4 Enterprises Ltd., which made an unsolicited bid to buy the property.

The industrial complex contains 790,000 square feet across four buildings.

Alexander & Baldwin President Lance Parker said the sale proceeds could go into further expanding the company's commercial real estate portfolio in Hawaii.