NEW YORK ( TheStreet) -- If you haven't heard of Alexander & Baldwin ( ALEX), you're probably not alone. Although this name might sound like a staid law or accounting firm, that's not the case. In fact, this Honolulu-based company was involved in one of the most interesting under-the-radar deals this year, one that closed in late June. As a value investor, I look for situations like this: A fairly obscure name that owns a potentially valuable array of assets. Prior to officially separating into two publicly traded stocks, Alexander & Baldwin and Matson ( MATX), the company was a curious combination of businesses: real estate and shipping. I was originally attracted to the company primarily due to the real estate. As of year-end 2011, the company owned 87,695 acres in Hawaii, the equivalent of 137 square miles, or an area that is 11.7 by 11.7 miles. That is a considerable amount of land, twice the size of Washington D.C., and, due to its location, there's considerable value there. While three-quarters of this land is located in Maui, much of it -- nearly 58,000 acres -- is currently used for agriculture, primarily sugarcane. Another 29,000 acres are for watershed/conservation, so not all of this land is available for development. There's also an additional 471 acres in eight other states, and a substantial portfolio of commercial real estate that at year's end included 18 properties in Hawaii (1.4 million square feet), and 24 properties on the mainland (6.5 million square feet). All in all, this is a formidable portfolio of real estate, and it's the primary reason I took a position in the stock several years ago. The other business, Matson Navigation, provides freight transportation services between the Pacific coast and Hawaii, Guam and China. The company owned 10 containerships, and 34,000 containers at year end. This business generated the bulk of the combined company's 2011 revenue of $1.464 billion, or nearly 85% of total revenue. The combined entity traded under the radar for years, known primarily by value investors interested in the real estate -- until Bill Ackman of hedge fund Pershing Square Capital Management took a 9% stake in the company in March, 2011. Just eight months later, the company announced intentions to split into two entities. Shareholders received an equal number of shares in both Alexander & Baldwin and Matson, and the transaction has already created value. Two days prior to the start of trading as two separate companies, shares traded just below $50. Monday, ALEX closed at $32.04, while Matson closed at $25.37, a 15% jump. Interestingly, MATX shares traded as high as $36.43 per share on Friday, before falling back to earth.