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A&B Plans Retail Power Center

It's in California.

Alexander & Baldwin

(ALEX) - Get Alexander & Baldwin, Inc. Report

said Tuesday that it is partnering with Intertex for a retail power center in Bakersfield, Calif.

The Honolulu-based company said that the partners closed on Nov. 22 the purchase of a 57-acre vacant commercial-zoned parcel in Bakersfield for $15 million.

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The construction, which is expected to commence early 2008, would take 12 months to complete, the company said. Total cost of the project is estimated at $90 million.

Shares of the company were down a penny at $43.53 Tuesday.

This story was created through a joint venture between and IRIS.