Pan Pacific Retail Properties Trust, a shopping center REITbased in the San Diego suburb of Vista, purchased Sycamore Plaza.The retail complex, anchored by a Stater Brothers supermarket andSav-on drug store, stands at the northwest corner of La Palma andState College Boulevard.
The shopping center was 94% occupied at the time it was soldbyChicago-based Heitman Capital Management Corp. The Newport Beachoffice ofGrubb & Ellis Co. represented both sides in thetransaction.
Last month, Pan Pacific said it would acquire NorthernCalifornia-based Western Properties Trust in a $440-millionstock-and-debt deal that will create the West Coast's largestneighborhood shopping-center REIT.
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