A&B Properties Inc., the real estate development and management subsidiary of Alexander & Baldwin, will develop a 62,000-square-foot retail/office complex on a 6.5-acre parcel in Valencia, Calif., in a joint venture with Intertex General Contractors.

Construction is expected to begin in the first quarter of 2005, at an estimated cost of $11 million, with completion projected for the 2nd quarter of 2006.

The class A project, Crossroads Center, will be A&B’s third real estate investment in Valencia and its second in partnership with Intertex.

The joint venture, Crossroads Plaza Development Partners LLC, purchased the land this month from Newhall Land and Farming Co., the master developer of Valencia, a master planned community roughly 30 miles north of Los Angeles.

Honolulu-based Alexander & Baldwin Inc. is a real estate developer and manager.

***

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