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.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.