Alexander & Baldwin Inc.'s real estate subsidiary has promoted two senior executives as the company continues to expand its local and Mainland-based real estate activities.

A&B Properties Inc. also announced yesterday that it sold a commercial building in Valencia, Calif., for $6.9 million, the fourth Valencia property it has sold this year.

The company promoted Paul Hallin to executive vice president, development, from senior vice president. Michael Wright was promoted to executive vice president, acquisitions and investments, from senior vice president.

"We are very pleased to recognize Mike and Paul with these promotions; their past contributions to the growth and success of our real estate activities are deserving of our confidence, and we look forward to their continued leadership," said A&B Properties CEO Stanley Kuriyama.

Hallin will continue to report to A&B Properties President Robert Sasaki, while Wright will continue to report to Kuriyama.

Hallin retains responsibility for A&B Properties' development activities. He spearheaded a number of development projects across Hawai'i and continues to play a leadership role in A&B's Wailea Resort properties and the company's joint venture development on Kaua'i at Kukui'ula.

Wright retains responsibility for A&B's growth through real estate acquisitions and investments. He led A&B Properties' acquisition and investment efforts in Hawai'i and California for the past six years, including office and retail development projects in Valencia and Bakersfield. Wright also established A&B Properties' branch office in Orange County.

In the Valencia deal, A&B Properties Inc. sold a 51,000-square-foot building to Layton Belling Associates, an Irvine, Calif.-based real estate investment and management firm.

The building, occupied by electronic products developer Vista Controls, was A&B's first real estate investment in Valencia when the company bought the property from an affiliate of Valencia-based Intertex Co. in 2003.

A&B, Hawai'i's fourth-largest private landowner, holds other Valencia investments, including a 120,000-square-foot shopping center nearing completion, but has been selling much of its assets in the master-planned community in Los Angeles County.

The three other A&B Valencia property sales earlier this year were parcels within two shopping centers developed by A&B and Intertex that sold for a combined $18.9 million.