Alexander & Baldwin Inc. said it has sold a five-story office building in California for an undisclosed price.

The sale, made by subsidiary A&B Properties Inc., generates proceeds that A&B said will be invested in real estate with greater appreciation potential on a tax-deferred basis.

A&B said the building in the South Natomas suburban office district of Sacramento, Calif., sold for a "favorable" price that reflected appreciation in real estate values and strong tenancy under its ownership.

The 100,000-square-foot building reduced A&B's commercial investment real estate portfolio to 7.5 million square feet of office, retail and industrial space in Hawai'i and eight Mainland states.