TEMECULA, CA-A&B Properties Inc., the real estate subsidiaryof publicly held Alexander & Baldwin Inc. of Honolulu, hasacquired the 165,500-square-foot Rancho Temecula Town Centershopping center here from Temecurich LLC for $48 million. Theproperty is an 11-building neighborhood shopping center at 39540Winchester Rd. that is 97% occupied by Henry’s Market, L.A.Fitness, Rite-Aid and BevMo!, complemented by a diverse group ofrestaurants and service providers.

A&B will fund the buy in part with proceeds from the recent$43 million sale of another Inland Empire property, its898,400-square-foot Ontario Distribution Center in Ontario, a dealthat closed in October. A&B had owned the Ontario propertysince 2000, when it paid $27 million for the distributionfacility.

A&B Properties president Norbert M. Buelsing said in astatement that, “The acquisition of Rancho Temecula Town Centerextends our real estate strategy of investing in quality propertieslocated in areas having above-average growth prospects andfavorable demographics.” The center was constructed in 2007 and isone of Temecula’s best-performing retail centers, he said. He addedthat the outlook for Temecula includes “continued population growthas an attractive alternative to neighboring Los Angeles, Orange andSan Diego counties.”