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.

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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.

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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.

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