American President Sells 1,000-Acre Parcel

American President Cos. announced the sale of a 1,000-acre parcel of property near Sacramento.

The transaction, which will be reported in the company’s third quarter ending on Sept. 16, will generate pretax income of $22 million on revenue of $30.2 million. In accordance with the terms of the sale, the company will carry a $22.5-million note secured by the property.

The property, which was not expected to be sold this year, was being held as an investment for sale in later years. American President Cos.’ wholly owned subsidiary, American President Real Estate Co., a premium developer of residential and commercial real estate, still retains several hundred acres that it expects to develop and sell over the next five years.

American President Cos. provides container distribution and transportation services within and between Asia and North America through an intermodal system combining ocean, rail and truck transportation and is a real estate developer primarily in Sacramento County.