Local REIT Buys Neighborhood Center

SAN DIEGO-Pan Pacific pays $7.4 million for 105,085-sf retail complex in Orange County community of Anaheim.

By Randyl J. Drummer | Updated on September 19, 2000

SAN DIEGO-Pan Pacific Retail Properties Trust, a REIT based in the suburb of Vista, has purchased a 105,085-sf shopping center in Anaheim.

Pan Pacific bought Sycamore Plaza in a deal valuedat $7.4 million. A Stater Brothers supermarket and Sav-on drug store anchor the community shopping center, which stands at the northwest corner of La Palma and State College Boulevard.

The shopping center was 94% occupied at the time it was sold byChicago-based Heitman Capital Management Corp. The Newport Beach office ofGrubb & Ellis Co. represented both sides in the transaction.

Last month, Pan Pacific said it would acquire Northern California-based Western Properties Trust in a $440 million stock-and-debt deal that will create the West Coast’s largest neighborhood shopping-center REIT.

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