Neighborhood Center Sells for $7.4 Mil

ORANGE COUNTY, CA-A neighborhood shopping center in the Central County community of Anaheim has been sold for $7.4 million.

Pan Pacific Retail Properties Trust, a shopping center REIT based in the San Diego suburb of Vista, purchased Sycamore Plaza. The retail complex, anchored by a Stater Brothers supermarket and Sav-on drug store, 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.