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SANDY, UTAH — A&B Properties has acquired Little Cottonwood Center, a 141,600-square-foot neighborhood shopping center in Sandy, for $20.5 million. The real estate subsidiary of Honolulu-headquartered Alexander & Baldwin reinvested 1031-exchange proceeds in buying the grocery-anchored shopping center, which is located approximately 17 miles from downtown Salt Lake City. Ninety-seven percent occupied at the time of purchase, the property includes Fresh Market, McDonald’s, Starbucks Coffee, Discount Tires and Texaco in its tenant lineup.