A&B Properties acquires shopping centre in California
A&B Properties, the real estate subsidiary of Alexander & Baldwin, has acquired Rancho Temecula Town Center for USD48m.
The 165,500 square foot, 11-building neighbourhood shopping centre is located in Temecula, California, in the southwest region of Riverside County.
"The acquisition of Rancho Temecula Town Center extends our real estate strategy of investing in quality properties located in areas having above-average growth prospects and favorable demographics," says A&B Properties president Norbert M. Buelsing.
"Temecula is expected to see continued population growth as an attractive alternative to neighboring Los Angeles, Orange and San Diego Counties. The property is well-anchored by Henry's Market, LA Fitness, Rite-Aid and BevMo!, complemented by a diverse group of restaurants and service providers, and is presently 97 percent occupied. The centre was constructed in 2007 and is one of Temucula's best performing retail centres."
With the acquisition of Rancho Temecula, A&B Properties' commercial property/investment portfolio consists of 7.9 million square feet of retail, office and industrial space located in Hawaii and seven US mainland states.