Pan Pacific, based in the northern San Diego County city ofVista, has acquired Granary Square, located on McBean Parkway eastof Interstate 5 in the northern Los Angeles County suburb ofValencia. The shopping center REIT bought the property from MitsuiReal Estate in a deal financed through a draw under its unsecuredline of credit, the company says.

Granary Square is 87% leased and anchored by Ralph's Supermarketand Long's Drugs. It also features a Starbucks coffee outlet and aBlockbuster Video. The buyer represented itself in the transactionwhile the Orange County office of the Charles Dunn Co. acted onbehalf of Mitsui.

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