A&B, which owns a number of other properties in Southern California, acquired the new buildings as part of a continuing "strategy of tax-effectively reinvesting, through 1031 exchanges, recent real estate sales proceeds in properties with greater prospects for appreciation and growth," according to a statement from Norbert M. Buelsing, president of A&B. In the past two years, A&B has acquired seven industrial and warehouse properties, representing nearly four million square feet of leasable space, as part of "an ongoing strategy to acquire quality logistics-oriented warehouse facilities in supply-constrained markets," the company says.
Developed in 1991, the Northpoint Commerce Center is roughly three miles from Interstate 5 (Santa Ana) and Highway 90 (Riverside Freeway). The two buildings that A&B acquired serve as regional distribution hubs for its two tenants, an international records management company and a major food service distributor. Those two tenants are Iron Mountain Records Management Inc. and Meadowbrook Meat Co., according to A&B's web site.
Other A&B Properties holdings in Southern California include industrial distribution, flex industrial and retail properties in San Diego, Ontario, Pomona and Indian Wells, according to the company's web site. Terms of its acquisition of the Northpoint warehouses were undisclosed.
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