Shopping Center REIT Buys Granary Square in Valencia for $18.3 Mil

VISTA, CA—Pan Pacific Retail Properties Inc. has purchased Granary Square, a 137,000-sf neighborhood shopping center in northern Los Angeles County, in a deal valued at $18.3 million.

Pan Pacific, based in Vista, acquired the property in the Los Angeles County suburb of Valencia from Mitsui Real Estate, the company says. The property is located on McBean Parkway east of Interstate 5

The buyer represented itself in the transaction. David Elliott of the Orange County office of the Charles Dunn Company dealt for Mitsui.

Granary Square is nearly 90% leased. It is anchored by a Ralph’s Supermarket and Long’s Drugs. The REIT’s strategy is to acquire groceryanchored shopping centers in strong, in-fill communities, says Stuart A. Tanz, president/CEO of Pan Pacific.

The company’s portfolio now totals 61 properties in California, Washington, Oregon and Nevada that encompass 9.5 million sf and are 98% leased to more than 1,400 retailers.