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

A&B will fund the buy in part with proceeds from the recent $43 million sale of another Inland Empire property, its 898,400-square-foot Ontario Distribution Center in Ontario, a deal that closed in October. A&B had owned the Ontario property since 2000, when it paid $27 million for the distribution facility.

A&B Properties president Norbert M. Buelsing said in a statement that, “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.” The center was constructed in 2007 and is one of Temecula’s best-performing retail centers, he said. He added that the outlook for Temecula includes “continued population growth as an attractive alternative to neighboring Los Angeles, Orange and San Diego counties.”