Pan Pacific Retail Buys Valencia Center for $18.3 Mil

SAN DIEGO COUNTY-Retail property owner Pan Pacific Retail Properties Inc. has acquired a 137,000-sf neighborhood shopping center in northern Los Angeles County for $18.3 million.

Pan Pacific, based in the northern San Diego County city of Vista, has acquired Granary Square, located on McBean Parkway east of Interstate 5 in the northern Los Angeles County suburb of Valencia. The shopping center REIT bought the property from Mitsui Real Estate in a deal financed through a draw under its unsecured line of credit, the company says.

Granary Square is 87% leased and anchored by Ralph’s Supermarket and Long’s Drugs. It also features a Starbucks coffee outlet and a Blockbuster Video. The buyer represented itself in the transaction while the Orange County office of the Charles Dunn Co. acted on behalf of Mitsui.

The REIT’s strategy is to acquire grocery-anchored shopping centers in “strong, in-fill communities,” says Stuart A. Tanz, president and CEO of Pan Pacific. The company’s portfolio now totals 61 properties in California, Washington, Oregon and Nevada, encompassing 9.5 million sf that is 98% leased to more than 1,400 retailers.